Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue 7,360,000 Cost of goods sold $1,890,000 4,080,000 5,970,0UO 1,650,000 Beginning inventory Goods available for salc Ending

image text in transcribed

FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue 7,360,000 Cost of goods sold $1,890,000 4,080,000 5,970,0UO 1,650,000 Beginning inventory Goods available for salc Ending imwentory Cost of goods sod 4,320,000 Gross profit 3,0E0,00O Operating expensS 440,0u0 650,000 cling axpenses 1,090,000 $1,970,000 Adcitional inforimstion: 1. Accounts receivable decreased $310,000 during the year 2. Prepaid expanses increased $180,o0o during the wear . Accounts payabla to suppliars c merchardis dareasad $2Ho,ono during tha yaar 4. Accrued expenses payable decreasec $140,000 during the year 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating actvities section of the statement of cash flows fo the year ended Decamber 31, 2017, for Wildhorse Company, using the indirect mathod. (Show amounts that decrease cash low with elther a -sign o.g. -15,000 or in paranthesis e.g. (15,000). WILDHORSE COMPANY Statement of Cash Flows (Partial) Adjustments to roconcilie nat 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_2

Step: 3

blur-text-image_3

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

Audit Planning A Risk Based Approach

Authors: K. H. Spencer Pickett

1st Edition

047169052X, 978-0471690528

More Books

Students also viewed these Accounting questions

Question

Additional Factors Affecting Group Communication?

Answered: 1 week ago