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The following balances were gathered from Newport Industries general ledger.December 31, ...

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The following balances were gathered from Newport Industries general ledger.December 31, ...

The following balances were gathered from Newport Industries general ledger.

	December 31, 2020	December 31, 2021
Accounts receivable	$ 67,000	$ 62,000
Inventory	140,000	147,000
Accounts payable	32,000	44,000
Accrued liabilities	12,000	10,000
Sales		320,000
Cost of goods sold		140,000
Operating expenses (includes $7,000 depreciation)		72,000
Loss on sale of land		6,000
Income tax expense		22,000

Required:

Using the indirect method, prepare the cash flows provided by operating activities section of Newport's statement of cash flows for 2021.

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Managerial Accounting

Edition: 4^th

Author: Davis

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