5...Sarasota Corporation had the following 2020 income statement.Sales revenue $183,000Cost of goods sold 118,000Gross profit 65,000Operating expenses (includes depreciation of $19,000) 45,000Net income $20,000The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $11,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Sarasota’s 2020 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).)Sarasota CorporationStatement of Cash Flows-Indirect Method (Partial)choose the accounting period select an opening section name select an item $enter a dollar amount Adjustments to reconcile net income to select an opening subsection name select an item $enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount select an item enter a dollar amount enter a total amount of adjustmentsselect a closing section name $enter a total amount for this section eTextbook and Media

1. Increase in Accounts Receivables of $13000 will be subtracted from Cash Flow from Operating…

Answered: Prepare the cash flows from operating…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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5...

Sarasota Corporation had the following 2020 income statement.

Sales revenue		$183,000
Cost of goods sold		118,000
Gross profit		65,000
Operating expenses (includes depreciation of $19,000)		45,000
Net income		$20,000

The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $11,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Sarasota’s 2020 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).)

Sarasota Corporation Statement of Cash Flows-Indirect Method (Partial) choose the accounting period
select an opening section name
select an item		$enter a dollar amount
Adjustments to reconcile net income to
select an opening subsection name
select an item	$enter a dollar amount
select an item	enter a dollar amount
select an item	enter a dollar amount
select an item	enter a dollar amount
		enter a total amount of adjustments
select a closing section name		$enter a total amount for this section

eTextbook and Media

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