Bloom Corporation had the following 2012 income statement. Sales $200,000 Cost of goods sold 120,000 Gross profit 80,000 Operating expense (including depreciation of $21,000)

Bloom Corporation had the following 2012 income statement.

Sales $200,000

Cost of goods sold

120,000

Gross profit 80,000

Operating expense (including depreciation of $21,000)

50,000

Net income

$30,000

The following accounts increased during 2012: accounts receivable $12,000; inventory $11,000; accounts payable $13,000. Complete the cash flows from operating activities section of Bloom’s 2012 statement of cash flows using the direct method

ATTACHMENT PREVIEW

Download attachment

BE23-4
Bloom Corporation had the following 2012 income statement. 
 
Sales
$200,000
 
Cost of goods sold
120,000
 
Gross profit
80,000
 
Operating expense (including depreciation of $21,000)
50,000
 
Net income
$30,000
The following accounts increased during 2012: accounts receivable $12,000; inventory $11,000; accounts payable 
$13,000. Complete the cash flows from operating activities section of Bloom’s 2012 statement of cash flows using the 
direct method.

Leave a Comment