Question
The current sections of Lily Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Lily's net income for 2020 was $211,000. Depreciation
The current sections of Lily Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Lily's net income for 2020 was $211,000. Depreciation expense was $41,000.
2020 | 2019 | ||||
---|---|---|---|---|---|
Current assets | |||||
Cash | $123,000 | $107,000 | |||
Accounts receivable | 121,000 | 97,000 | |||
Inventory | 162,000 | 188,000 | |||
Prepaid expense | 43,000 | 29,000 | |||
Total current assets | $449,000 | $421,000 | |||
Current liabilities | |||||
Accrued expenses payable | $31,000 | $13,000 | |||
Accounts payable | 93,000 | 109,000 | |||
Total current liabilities | $124,000 | $122,000 |
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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