$Adjustments to reconcile net income to2476°F A d) OType here to search Headland Corporation had the following 2020 income statement.Sales revenue$200,000Cost of goods sold119,000Gross profit81,000Operating expenses (includes depreciation of $23,000)47,000Net income$34,000The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $10,000, Accounts Payable $12,000. Preparethe cash flows from operating activities section of Headland's 2020 statement of cash flows using the indirect method. (Show amountsthat decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Headland CorporationStatement of Cash Flows-Indirect Method (Partial)10376°FA d0) O4/22P Type here to search

The cash flow statement shows the inflow and outflow of cash due to the operating, investing, and…

Answered: Sales revenue $200,000 Cost of goods…

Sales revenue $200,000 Cost of goods sold 119,000 Gross profit 81,000 Operating expenses (includes depreciation of $23,000) 47,000 Net income $34,000

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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