Cullumber Corporation had the following 2020 income statement. Sales revenue $213,000 Cost of goods sold 109,000 Gross profit 104,000 Operating expenses (includes depreciation of $19,000) 53,000 Net income $51,000 The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $12,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Cullumber’s 2020 statement of cash flows using the direct method. Cullumber Corporation Statement of Cash Flows-Direct Method (Partial) choose the accounting period select an opening section name select an opening subsection name $enter a dollar amount select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name $enter a total amount for this section

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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Cullumber Corporation had the following 2020 income statement.

Sales revenue		$213,000
Cost of goods sold		109,000
Gross profit		104,000
Operating expenses (includes depreciation of $19,000)		53,000
Net income		$51,000

The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $12,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Cullumber’s 2020 statement of cash flows using the direct method.

Cullumber Corporation Statement of Cash Flows-Direct Method (Partial) choose the accounting period
select an opening section name
select an opening subsection name		$enter a dollar amount
select an item	$enter a dollar amount
select an item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing section name		$enter a total amount for this section

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