Question
Wilkin Corporation reported accrual basis sales of $200,000, cost of goods sold of $80,000, and operating expenses, taxes, and interest summing to $30,000. Depreciation expense
Wilkin Corporation reported accrual basis sales of $200,000, cost of goods sold of $80,000, and operating expenses, taxes, and interest summing to $30,000. Depreciation expense totaled $5000. In evaluating Wilkin's comparative balance sheets, it is determined that accoutns receivable increased $10,000, inventory increase $5,000, and accounts payable decreased $7,000. There were no changes in prepaid expenses nor were there any interest or taxes payable at the beginning or end of the year. How much was cash flow from operations for Wilkin Corporation for the year?
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