Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

$7,030,000 RIVERBED COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Beginning inventory $2,030,000 Purchases 4,310,000 Goods available

image text in transcribed

$7,030,000 RIVERBED COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Beginning inventory $2,030,000 Purchases 4,310,000 Goods available for sale 6,340,000 Ending inventory 1,690,000 Cost of goods sold Gross profit Operating expenses Selling expenses 470,000 Administrative expenses 730,000 Net income 4,650,000 2,380,000 1,200,000 $1,180,000 Additional information: 1. Accounts receivable decreased $280,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $270,000 during the year. 4. Accrued expenses payable decreased $130,000 during the year. 5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Riverbed Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) RIVERBED COMPANY Statement of Cash Flows (Partial) Adjustments to reconcile net income to

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Internal Audit Leadership Elevating The Internal Audit Function To Accelerate Value

Authors: Patricia Kaim

1st Edition

1032557168, 978-1032557168

More Books

Students also viewed these Accounting questions

Question

1. What are your creative strengths?

Answered: 1 week ago

Question

What metaphors might describe how we work together?

Answered: 1 week ago