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Question - The income statement of Stellar Company is shown below.
Sales revenue
$6,630,000
Cost of goods sold
Beginning inventory
$1,840,000
Purchases
4,520,000
Goods available for sale
6,360,000
Ending inventory
1,530,000
4,830,000
Gross profit
1,800,000
Operating expenses
Selling expenses
450,000
Administrative expenses
660,000
1,110,000
Net income
$690,000
Additional information:
1. Accounts receivable decreased $290,000 during the year.
2. Prepaid expenses increased $180,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $260,000 during the year.
4. Accrued expenses payable decreased $120,000 during the year.
5. Administrative expenses include depreciation expense of $60,000.
Required - Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Stellar Company, using the indirect method.
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