The following accounts increased during 2011 accounts, Ask an Expert

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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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972256

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