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Current Attempt in Progress The income statement of Bramble Corp. is presented here. Bramble Corp. Income Statement For the Year Ended November 30, 2020 Sales
Current Attempt in Progress The income statement of Bramble Corp. is presented here. Bramble Corp. Income Statement For the Year Ended November 30, 2020 Sales revenue $7,575,100 Cost of goods sold Beginning inventory $1,932,400 Purchases 4,449,500 Goods available for sale 6,381,900 Ending inventory 1,392,200 Total cost of goods sold 4,989,700 Gross profit 2,585,400 Operating expenses 1,049,100 Net income $1,536,300 Additional information: 1. Accounts receivable increased $199,300 during the year, and inventory decreased $540,200. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $338,500 during the year. 4. Accrued expenses payable decreased $108,400 during the year. 5. Operating expenses include depreciation expense of $81,400. Prepare the operating activities section of the statement of cash flows using the direct method. Additional information: 1. Accounts receivable increased $199,300 during the year, and inventory decreased $540,200. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $338,500 during the year. 4. Accrued expenses payable decreased $108,400 during the year. 5. Operating expenses include depreciation expense of $81,400. Prepare the operating activities section of the statement of cash flows using the direct method. Bramble Corp. Partial Statement of Cash Flows cash payments: $ $
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