Bloom Corporation had the following 2020 income statement. Sales Revenue $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 2020: Accounts Receivable $12,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom's 2020 statement of cash flows using the indirect method.
Bloom Corporation had the following 2020 income statement. Sales Revenue $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 2020: Accounts Receivable $12,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom's 2020 statement of cash flows using the indirect method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bloom Corporation had the following 2020 income statement.
| Sales Revenue | $200,000 | |||||
| Cost of Goods Sold | 120,000 | |||||
| Gross Profit | $80,000 | |||||
| Operating expenses (includes |
$50,000 | |||||
| Net Income | $30,000 |
The following accounts increased during 2020:
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