Brief Exercise 23-4 Bloom Corporation had the following 2014 income statement. Sales revenue $219,850 Cost of...

Brief Exercise 23-4 Bloom Corporation had the following 2014 income statement. Sales revenue $219,850 Cost of goods sold 112,740 Gross profit 107,110 Operating expenses (includes depreciation of $20,360) 53,250 Net income $53,860 The following accounts increased during 2014: Accounts Receivable $11,090; Inventory $10,530; Accounts Payable $14,260. Prepare the cash flows from operating activities section of Bloom’s 2014 statement of cash flows using the direct method.

Expert Solution

Statement showing cash flow from Operating Activities under Direct Method
Particulars	Amount
Cash Flow from Operating Activities

Cash Receipts from Customers	208,760.00
Cash payments for Operating Expense = 53250 - 20360	(32,890.00)
Cash payment to suplliers	109,010.00

Net Cash provided by operating Activities	284,880.00


Sales	219,850.00
Increase in Accounts Receivable	(11,090.00)
Total Collections from customers	208,760.00

Cost of Goods sold	112,740.00
Increase in Inventory	10,530.00
Increase in AP	(14,260.00)
Total Payments to Suppliers	109,010.00

ekkarill92 answered 2 years ago

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