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BE23.9 (LO 2, 3) Colbert Corporation had the following 2020 income statement. Revenues $100,000 Expenses 60,000 Net income $ 40,000 In 2020, Colbert had the following activity in selected accounts. Accounts Receivable Allowance for Doubtful Accounts 1/1/20 Bad debt expense 1/1/20 20,000 1,200 Revenues 100,000 1,000 Write-offs Write-offs 1,000 1,840 90,000 Collections 12/31/20 29,000 2,040 12/31/20 Prepare Colbert's cash flows from operating activities section of the statement of cash flows using (a) the direct method and (b) the indirect method.

BE23.9 (LO 2, 3) Colbert Corporation had the following 2020 income statement. Revenues $100,000 Expenses 60,000 Net income $ 40,000 In 2020, Colbert had the following activity in selected accounts. Accounts Receivable Allowance for Doubtful Accounts 1/1/20 Bad debt expense 1/1/20 20,000 1,200 Revenues 100,000 1,000 Write-offs Write-offs 1,000 1,840 90,000 Collections 12/31/20 29,000 2,040 12/31/20 Prepare Colbert's cash flows from operating activities section of the statement of cash flows using (a) the direct method and (b) the indirect method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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BE23.9 (LO 2, 3) Colbert Corporation had the following 2020 income statement. Revenues $100,000 Expenses 60,000 Net income $ 40,000 In 2020, Colbert had the following activity in selected accounts. Accounts Receivable Allowance for Doubtful Accounts 1/1/20 1/1/20 Bad debt expense 20,000 1,200 Revenues 100,000 1,000 Write-offs Write-offs 1,000 1,840 90,000 Collections 12/31/20 29,000 2,040 12/31/20 Prepare Colbert's cash flows from operating activities section of the statement of cash flows using (a) the direct method and (b) the indirect method.
Transcribed Image Text:BE23.9 (LO 2, 3) Colbert Corporation had the following 2020 income statement. Revenues $100,000 Expenses 60,000 Net income $ 40,000 In 2020, Colbert had the following activity in selected accounts. Accounts Receivable Allowance for Doubtful Accounts 1/1/20 1/1/20 Bad debt expense 20,000 1,200 Revenues 100,000 1,000 Write-offs Write-offs 1,000 1,840 90,000 Collections 12/31/20 29,000 2,040 12/31/20 Prepare Colbert's cash flows from operating activities section of the statement of cash flows using (a) the direct method and (b) the indirect method.
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