Vaughn Corporation had the following 2017 income statement. Sales revenue ...
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Accounting
Vaughn Corporation had the following 2017 income statement.
Sales revenue
$213,000
Cost of goods sold
109,000
Gross profit
104,000
Operating expenses (includes depreciation of $19,000)
53,000
Net income
$51,000
The following accounts increased during 2017: Accounts Receivable $12,000, Inventory $12,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Vaughns 2017 statement of cash flows using the direct method.
Vaughn Corporation Statement of Cash Flows-Direct Method (Partial)
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