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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!
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
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