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Statement of cash flows using the direct method

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The following accounts increased during 2014: Accounts Receivable $14,900; Inventory $10,520; Accounts Payable $13,530. Prepare the cash flows from operating activities section of Bloom's 2014 statement of cash flows using the direct method.

Bloom Corporation had the following 2014 income statement.

Sales revenue $201,650
Cost of goods sold 119,520
Gross profit 82,130
Operating expenses (includes depreciation of $20,560) 52,720
Net income

$29,410

Reference no: EM131818677

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