Bloom Corporation had the following 2010 income statement.
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Bloom Corporation had the following 2010 income statement.
Sales $200,000
Cost of goods sold 120,000
Gross profit 80,000
Operating expense (including depreciation of $21,000) 50,000
Net income $30,000
The following accounts increased during 2011: accounts receivable $12,000; inventory $11,000; accounts payable $13,000. Complete the cash flows from operating activities section of Bloom's 2011 statement of cash flows using the direct method. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Cash flows from operating activities
Net cash provided/used by operating activities
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Solution Summary
Bloom Corporation had the following 2010 income statement.
Sales $200,000
Cost of goods sold 120,000
Gross profit 80,000
Operating expense (including depreciation of $21,000) 50,000
Net income $30,000
The following accounts increased during 2011: accounts receivable $12,000; inventory $11,000; accounts payable $13,000. Complete the cash flows from operating activities section of Bloom's 2011 statement of cash flows using the direct method. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Cash flows from operating activities
Net cash provided/used by operating activities
Solution Preview
Bloom Corporation had the following 2010 income statement.
Sales $200,000
Cost of goods sold 120,000
Gross profit 80,000
Operating expense (including depreciation of $21,000) 50,000
Net income $30,000
The following accounts increased during 2011: accounts ...
Purchase this Solution
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