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Prepare the cash flows from operating activities section

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Reference no: EM132694879

Martinez Corporation had the following 2020 income statement.

Sales revenue $214,000

Cost of goods sold 110,000

Gross profit 104,000

Operating expenses (includes depreciation of $21,000) 53,000

Net income $51,000

The following accounts increased during 2020:

Accounts Receivable $13,000,

Inventory $11,000, and

Accounts Payable $13,000.

Problem 1: Prepare the cash flows from operating activities section of Martinez's 2020 statement of cash flows using the direct method.

Reference no: EM132694879

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