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I am unsure if I did this problem correctly. Can you please show your work so I know where I potentially messed up? Thank you.
I am unsure if I did this problem correctly. Can you please show your work so I know where I potentially messed up? Thank you.
$7,559,400 The income statement of Sheffield Corp. is presented here. Sheffield Corp. Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,956,900 Purchases 4,420,500 Goods available for sale 6,377,400 Ending inventory 1,307,700 Total cost of goods sold Gross profit Operating expenses Net income 5,069,700 2,489,700 1,028,400 $1,461,300 Additional information: 1. Accounts receivable increased $201,500 during the year, and inventory decreased $649,200. 2. Prepaid expenses increased $169,300 during the year. 3. Accounts payable to suppliers of merchandise decreased $345,600 during the year. 4. Accrued expenses payable decreased $100,300 during the year. 5. Operating expenses include depreciation expense of $85,000. Prepare the operating activities section of the statement of cash flows using the direct method. Sheffield Corp. Partial Statement of Cash Flows For the Year Ended November 30, 2019 Cash Flows from Operating Activities Cash Receipts from Customers 7357900 S Less cash payments: To Suppliers 4766100 For Operating Expenses 1213000 5979100 Net Cash Provided by Operating Activities 1378800Step by Step Solution
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