Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help. Urgent The income statement of Crane Company is presented here. CRANE COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue

image text in transcribedimage text in transcribedimage text in transcribed please help. Urgent

The income statement of Crane Company is presented here. CRANE COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income $2,030,200 4,481,800 6,512,000 1,768,500 448,000 705,000 $7,463,500 4,743,500 2,720,000 1,153,000 $1,567,000 Additional information: 1. 2. 3. 4. 5. Accounts receivable decreased $405,000 during the year, and inventory decreased $261,700. Prepaid expenses increased $183,900 during the year. Accounts payable to suppliers of inventory decreased $331,300 during the year. Accrued expenses payable decreased $108,900 during the year. Administrative expenses include depreciation expense of $111,400. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Crane Company, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE COMPANY Partial Statement of Cash Flows # + + Adjustments to reconcile net income to $ MOING $

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

The Law And Economics Of Patent Damages, Antitrust, And Legal Process

Authors: James Langenfeld, Frank Fagan, Samuel Clark

2nd Edition

1800710259, 9781800710252

More Books