Bloom Corporation had the following 2020 income statement. Sales revenue $200,000 120,000 Cost of goods sold Gross profit 80,000 50,000 Operating expenses (Includes depreciation of $21,000) Net Income $30,000 The followtng accounts tncreased durtng 2020: Accounts Receivable $12,000, Inventory $11,000, Accounts Payable $13,000. Prepare the cash flows from operating activitles section of Bloom's 2020 statement of cash flows ustng the Indirect method amounts that decrease cash flow with either a - sign e,g. -15, 000 or in parenthesis e.g. (15,000).) Bloom Corporation Statement of Cash Flows-Indirect Method (Partial) Adjustments to reconcile net Income to

Bloom Corporation had the following 2020 income statement. Sales revenue $200,000 120,000 Cost of goods sold Gross profit 80,000 50,000 Operating expenses (Includes depreciation of $21,000) Net Income $30,000 The followtng accounts tncreased durtng 2020: Accounts Receivable $12,000, Inventory $11,000, Accounts Payable $13,000. Prepare the cash flows from operating activitles section of Bloom's 2020 statement of cash flows ustng the Indirect method amounts that decrease cash flow with either a - sign e,g. -15, 000 or in parenthesis e.g. (15,000).) Bloom Corporation Statement of Cash Flows-Indirect Method (Partial) Adjustments to reconcile net Income to

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13MCQ

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