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Your answer is partially correct. Bridgeport Corporation had the following 2020 income statement. Sales revenue $195,000 Cost of goods sold 115,000 Gross profit 80,000 Operating
Your answer is partially correct. Bridgeport Corporation had the following 2020 income statement. Sales revenue $195,000 Cost of goods sold 115,000 Gross profit 80,000 Operating expenses (includes depreciation of $20,000) 53,000 Net income $27,000 The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $12,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Bridgeport's 2020 statement of cash flows 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).) Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2020 Net Income $ 27000 Adjustments to reconcile net income to A $ 20000 - 13000 - 12000 14000 $
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