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Prepare the cash flows from operating activities

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Question - Bonita Corporation had the following 2020 income statement.

Sales revenue $198,000

Cost of goods sold 125,000

Gross profit 73,000

Operating expenses (includes depreciation of $23,000) 53,000

Net income $20,000

The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $10,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bonita's 2020 statement of cash flows using the indirect method.

Reference no: EM132707538

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