The income statement of Bramble Company is shown below. BRAMBLE COMPANY INCOME STATEMENT FOR THE YEAR...

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The income statement of Bramble Company is shown below. BRAMBLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,380,000 Goods available for sale 6,290,000 Ending inventory 1,610,000 Cost of goods sold 4,680,000 Gross profit 2,280,000 Operating expenses Selling expenses 450,000 Administrative expenses 710,000 1,160,000 Net income $1,120,000 Additional information: 1. Accounts receivable decreased $380,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $290,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows using the direct method. BRAMBLE COMPANY Statement of Cash Flows (Partial) eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer The income statement of Bramble Company is shown below. BRAMBLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,380,000 Goods available for sale 6,290,000 Ending inventory 1,610,000 Cost of goods sold 4,680,000 Gross profit 2,280,000 Operating expenses Selling expenses 450,000 Administrative expenses 710,000 1,160,000 Net income $1,120,000 Additional information: 1. Accounts receivable decreased $380,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $290,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows using the direct method. BRAMBLE COMPANY Statement of Cash Flows (Partial) eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

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To prepare the operating activities section of the statement of cash flows using the direct method w... View the full answer