Bloom Corporation had the following 2012 income statement. Sales $200,000 Cost of goods sold 120,000 Gross profit 80,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $ 30,000 The following accounts increased during 2012: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom's 2012 statement of cash flows using the direct method.
Bloom Corporation had the following 2012 income statement. Sales $200,000 Cost of goods sold 120,000 Gross profit 80,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $ 30,000 The following accounts increased during 2012: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom's 2012 statement of cash flows using the direct method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bloom Corporation had the following 2012 income statement.
Sales $200,000
Cost of goods sold 120,000
Gross profit 80,000
Operating expenses (includes
Net income $ 30,000
The following accounts increased during 2012:
Prepare the
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