Bloom Corporation had the following 2020 income statement.Sales Revenue $200,000Cost of Goods Sold 120,000Gross Profit $80,000Operating expenses (includes depreciation of $21,000) $50,000Net Income $30,000The 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.

Answered: Bloom Corporation had the following…

Cash flows from operating activities: It is a section of Statement of cash flow that explains the…

Sales Revenue

Cost of Goods Sold

Gross Profit

Operating expenses (includes depreciation of $21,000)

Net Income

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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Bloom Corporation had the following 2020 income statement.

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.

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