### Shamrock Corporation 2020 Income Statement**Sales Revenue:** $211,000 **Cost of Goods Sold:** $108,000 **Gross Profit:** $103,000 **Operating Expenses (includes depreciation of $21,000):** $50,000 **Net Income:** $53,000 ---### Additional InformationThe following accounts increased during 2020:- **Accounts Receivable:** $14,000- **Inventory:** $11,000- **Accounts Payable:** $13,000---### TaskPrepare the cash flows from the operating activities section of Shamrock's 2020 statement of cash flows using the direct method.---### Shamrock Corporation#### Statement of Cash Flows - Direct Method (Partial) Shamrock Corporation Statement of Cash Flows-Direct Method (Partial) Item $ Cash Received from Customers $ Cash Payments to Suppliers $ Cash Payments for Operating Expenses $ Net Cash Provided by (Used in) Operating Activities $

Solution:- Preparation of Cash Flows from Operating Activities using direct method as follows…

Shamrock Corporation had the following 2020 income statement. Sales revenue $211,000 Cost of goods sold 108,000 Gross profit 103,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $53,000 The following accounts increased during 2020: Accounts Receivable $14,000, Inventory $11,000, and Accounts Payable $13,00 Prepare the cash flows from operating activities section of Shamrock's 2020 statement of cash flows using the direct method. Shamrock Corporation Statement of Cash Flows-Direct Method (Partial) > >

Shamrock Corporation had the following 2020 income statement. Sales revenue $211,000 Cost of goods sold 108,000 Gross profit 103,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $53,000 The following accounts increased during 2020: Accounts Receivable $14,000, Inventory $11,000, and Accounts Payable $13,00 Prepare the cash flows from operating activities section of Shamrock's 2020 statement of cash flows using the direct method. Shamrock Corporation Statement of Cash Flows-Direct Method (Partial) > >

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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