Question;Statement of Cash Flows Chapter 23;Question 1;Bloom Corporation had the following;2014 income statement;Sales Revenue $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 2014: Accounts;Receivable $12,000, Inventory $11,000, Accounts Payable $13,000. Prepare the;cash flows from operating activities section of Bloom?s 2014 statement of cash;flows using the direct method.;Question 2;Use the information from above for Bloom Corporation.;Prepare the cash flows from operating activities section of Bloom?s 2014;statement of cash flows using the indirect method.
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