Accounting > QUESTIONS & ANSWERS > Strayer University - ACC 305Chapter 23 Homework (All)

Strayer University - ACC 305Chapter 23 Homework

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Chapter 23 Homework Brief Exercise 23-4 Your answer is correct. Bloom Corporation had the following 2014 income statement. Sales revenue $200,000 Cost of goods sold 120,000 Gross profit 80,000 ... Operating expenses (includes depreciation of $21,000) 50,000 Net income $30,000 The following accounts increased during 2014: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom’s 2014 statement of cash flows using the direct method. Bloom Corporation Statement of Cash FlowsDirect Method (Partial) For the Year 2014 Cash Flows from Operating Activities Cash Received from Customers $ 188000 Cash Payment to Suppliers $ 118000 Cash Payment for Operating Expenses 29000 147000 Net Cash Provided by Operating Activities $ 41000 Brief Exercise 23-5 Your answer is correct.Bloom Corporation had the following 2014 income statement. Sales revenue $200,000 Cost of goods sold 120,000 Gross profit 80,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $30,000 The following accounts increased during 2014: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom’s 2014 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) [Show More]

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