Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Accounts receivables increased $320,000 during the year, and inventory decreased $590,000. 2. Prepaid expenses, which relate to administrative expenses, increased $100,000 during the year.

1. Accounts receivables increased $320,000 during the year, and inventory decreased $590,000. 2. Prepaid expenses, which relate to administrative expenses, increased $100,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $360,000 during the year. 4. Accrued salaries payable decreased $140,000 during the year and income tax payable increased $80,000 during the year. How would I make the operating activities section of the statement of cash flows for the year needed November 30, 2018 for the Grouper Corporation using the indirect method.

image text in transcribed
The income statement of Grouper Corporation is presented here. GROUPER CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,300,000 Cost of goods sold 4.650,000 Gross profit 3,650,000 Salaries expense 862,000 Operating expenses 210,000 Depreciation expense 86,000 Income before income tax 2,492,000 Income tax expense 249,000 Net income $2,243,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen and Peter Brewer

14th edition

978-007811100, 78111005, 978-0078111006

Students also viewed these Accounting questions