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
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 Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter6: Statement Of Cash Flows
Section: Chapter Questions
Problem 14E
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Question
4.
Cullumber Corporation had the following 2020 income statement.
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.
Sales revenue |
$213,000
|
|
Cost of goods sold |
109,000
|
|
Gross profit |
104,000
|
|
Operating expenses (includes |
53,000
|
|
Net income |
$51,000
|
The following accounts increased during 2020:
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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