Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cheyenne Corp. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,734,400 Cost of goods sold Beginning inventory $1,920,800 Purchases 4,344,800 Goods available
Cheyenne Corp. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,734,400 Cost of goods sold Beginning inventory $1,920,800 Purchases 4,344,800 Goods available for sale 6,265,600 Ending inventory 1,585,700 Total cost of goods sold 4,679,900 Gross profit 3,054,500 Operating expenses Selling expenses 454,100 Administrative expenses 713,100 1,167,200 Net income $1,887,300 Additional information: 1. Accounts receivable decreased $386,500 during the year, and inventory decreased $335,100. 2. Prepaid expenses increased $151,600 during the year. 3. Accounts payable to suppliers of merchandise decreased $343,800 during the year. 4. Accrued expenses payable decreased $101,900 during the year. 5. Administrative expenses include depreciation expense of $109,400. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Cheyenne Corp., 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).) Cheyenne Corp. Partial Statement of Cash Flows For the Year Ended November 30, 2017 Net Income $ 1887300 Adjustments to reconcile net income to LA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started