Sage Corporation had the following 2017 income statement. Sales revenue Cost of

Question

Sage Corporation had the following 2017 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $188,000 111,000 77,000 52,000 $25,000 The following accounts increased during 2017: Accounts Receivable $12,000, Inventory $12,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Sage's 2017 statement of cash flows using the direct method. Sage Corporation Statement of Cash Flows-Direct Method (Partial) Cash Flows from Operating Activities Cash Received from Customers 176000 Cash Payment to Suppliers Cash Payment for Operating Expenses

Explanation / Answer

Cash Flow from operating activities

Cash recieved from customers 176000

Cash payment to suplliers    110000

Cash payment for operating expenses 33000   

143000

Net cash provided by operating activities 33000

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