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 Depreciation expense 19,000 ?? what is the phrase I put here ?? ????? what amount do I put here Increase in Accounts Receivable -13000 Increase in Inventory -11000 8000 Net cash provided by operating activities $28,000

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 8E: In 2020, Frost Company, which began operations in 2018, decided to change from LIFO to FIFO because...

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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
Depreciation expense	19,000
?? what is the phrase I put here ??	????? what amount do I put here
Increase in Accounts Receivable	-13000
Increase in Inventory	-11000
		8000
Net cash provided by operating activities		$28,000

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