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Do you think its correct? (worth 8 points) Colbert Corporation had...

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Accounting

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(worth 8 points) Colbert Corporation had the following 2017 income statement. Revenues $250,000 COGS Expenses 30,000 (includes bad debt expense) 2. 90,000 In 2017, Colbert had the following activity in selected accounts Accounts Receivable Allowance for Doubtful Accounts 1/1/17 120,000 10,200 1/1/17 10,840 expense Revenues 250,000 10,000 Write-offs Bad debt - 210,000 Collections 1231/17 150,000 11,040 12/31/17 Additionally, Colbert had an increase in Inventory of $35,000. Colbert also had an increase in Accounts Payable of $5,000, Prepare Colbert's cash flows from operating activities section of the statement of cash flows using (a) the direct method and (b) the indirect method. (i20,000 (-90,000 -35,000 +5,00) (2o,ooo) Cask Pamants fr Expenses(19,160 30,000 +10,840 130,000 (a9, o(150,000- (35,o00) (aso,00o- 90,ooo 30,000 - (150,000- I1,04o) (iao,o0o-10, a00) 5,000

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