Waterway Corporation had the following 2017 income statement. Sales revenue $205,000 Cost of goods sold 115,000 Gross
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Waterway Corporation had the following 2017 income statement.
Sales revenue | $205,000 | |
Cost of goods sold | 115,000 | |
Gross profit | 90,000 | |
Operating expenses (includes depreciation of $20,000) | 52,000 | |
Net income | $38,000 |
The following accounts increased during 2017: Accounts Receivable $13,000, Inventory $12,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Waterway’s 2017 statement of cash flows using the direct method.
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