azure corporation had the following 2014 income statement data sales 4137967

February 12, 2021/in Business Homework Help Online /by Joseph

Azure Corporation had the following 2014 income statement data:

Sales ……………………………………………………………… $205,000

Cost of goods sold ………………………………………………. 120,000

Gross profit ……………………………………………………… 85,000

Operating expenses (includes depreciation of $21,000) ………… 50,000

Net income……………………………………………………….. $ 35,000

The following accounts increased during 2014 by the amounts shown: Accounts Receivable, $17,000; Inventory, $11,000; Accounts Payable, $13,000; Mortgage Payable, $40,000. Prepare the cash flows from operating activities section of Azure’s 2014 statement of cash flows using the direct method.

Azure Corporation had the following 2014 income statement data Sales

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