Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me. i greatly appreciate it! The income statement of Metlock Company is shown below. METLOCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER

please help me. i greatly appreciate it!
image text in transcribed
image text in transcribed
The income statement of Metlock Company is shown below. METLOCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $759,000 Cost of goods sold 557,000 Gross profit 202,000 Operating expenses Selling expenses 54,000 Administrative expenses 87,000 141,000 Net income $61,000 1. Accounts receivable decreased $63,000 during the year. 2. Inventory increased $38,000 during the year. 3. 4. Prepaid expenses increased $12,000 during the year. Accounts payable increased $25,000 during the year. Accrued expenses payable increased $6,000 during the year. Administrative expenses include depreciation expense of $21,000. 5. 6. Prepare the operating activities section of the statement of cash flows using the direct method. METLOCK COMPANY Statement of Cash Flows (Partial) Cash Flows from Operating Activities Cash Receipts from Customers 822000 Cash Payments to Suppliers Net Cash Provided by Operating Activities

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

Cost Accounting A Managerial Emphasis International

Authors: Charles T. Horngren, Srikant M. Datar, George Foster

11th Edition

8120323548, 978-8120323544

More Books

Students also viewed these Accounting questions

Question

=+7. For the cost matrix of Exercise 3,

Answered: 1 week ago

Question

What is Larmors formula? Explain with a suitable example.

Answered: 1 week ago

Question

1 What are the dimensions used in Hofstedes model of culture?

Answered: 1 week ago