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Green Forest Corp's 2020 income statement showed the following:
Profit, $292,600; Depreciation expense, building $43,000; Depreciation expense, equipment, $6,630; and gain on sale of equipment, $7,000. An examination of the company's current assets and current liabilities showed that the following changes occured because of operating activities: accounts receivable decreased $14,550; merchandise inventory decreased $43,000; prepaid expenses increased $3,030; accounts payable decreased $7,430; and other current payables increased $1,190.
Problem 1: Use the indirect method to calculate the cash flow from operating activities.
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