Harris Foods’ 2020 income statement reported total revenues…
Harris Foods’ 2020 income statement reported total revenues of $500,000 and total expenses of $515,000 (including $30,000 of depreciation). The 2020 comparative balance sheet reported the following: cash- beginning balance, $65,000 and ending balance, $55,000; accounts receivable- beginning balance, $50,000 and ending balance $45,000; inventory- beginning balance, $35,000 and ending balance, $48,000; Equipment- beginning balance, $200,000 and ending balance, $225,000; accounts payable- beginning balance, $65,000 and ending balance $70,000. In addition to this information, Harris Foods also reported a $10,000 loss on the sale of equipment. Therefore, based only on this information, 2020 net cash flow from operating activities was: