Colbert Corporation had the following 2020 income statement.

Revenues...........................$100,000Expenses................................60,000Net income.........................$ 40,000

In 2020, Colbert had the following activity in selected accounts.

Prepare Colbert?s cash flows from operating activities section of the statement of cash flows using

(a) The direct method

(b) The indirect method.

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Accounts Receivable 20,000 Allowance for Doubtful Accounts 1,200 1/1/20 Bad debt expense 1/1/20 Revenues Write-offs Collections Write-offs 100,000 1,000 90,000 1,000 1,840 2,040 29,000 12/31/20 12/31/20