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The following balances were gathered from Brandon Company's general ledger.June 30, 2020June 30, ...

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The following balances were gathered from Brandon Company's general ledger.June 30, 2020June 30, ...

The following balances were gathered from Brandon Company's general ledger.

	June 30, 2020	June 30, 2021
Accounts receivable	$120,000	$132,000
Inventory	180,000	197,000
Accounts payable	43,000	54,000
Accrued liabilities	12,000	16,000
Income taxes payable	22,000	15,000
Sales		430,000
Cost of goods sold		270,000
Operating expenses (includes $15,000 depreciation)		112,000
Gain on sale of equipment		26,000
Income tax expense		17,000

Required:

Using the indirect method, prepare the cash flows provided by operating activities section of Brandon's statement of cash flows for year ending June 30, 2021.

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Managerial Accounting

Edition: 4^th

Author: Davis

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