Bloom Corporation had the following 2012 income statement.
|
Sales |
$200,000 |
|
Cost of goods sold |
120,000 |
|
Gross profit |
80,000 |
|
Operating expenses (includes depreciation of $21,000) |
50,000 |
|
Net income |
$ 30,000 |
The following accounts increased during 2012: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom’s 2012 statement of cash flows using the direct method.