Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please prepare of Statement of cash flows using the indirect method Sales Cost of Goods Sold Gross Profit Operating Expenses Insurance Expense Beaumont Organic Foods
Please prepare of Statement of cash flows using the indirect method
Sales Cost of Goods Sold Gross Profit Operating Expenses Insurance Expense Beaumont Organic Foods Ltd. Income Statement Year Ended Dec 31, 2022 6,773,924 (3,866,350) 2021 5,700,000 (3,135,000) 2,907,574 2,565,000 (22,200) (14,400) Sales and Warehouse Salaries (719,000) (490,000) Sales Bonus Expense (180,000) Distribution and Warehouse Expenses (855,400) (658,000) Office and administrative expense (290,000) (150,000) Marketing and advertising expense (170,000) Bad debts expense Utilities expense (41,275) (21,000) Depreciation expense (175,000) (46,700) Loss on inventory (expense) (38,000) Bank service charges and overdraft fees (120) Rent expense (175,000) Total Operating Expenses (2,511,995) Operating Profit Non-Operating Items Interest expense Gain on sale of equipment Profit before tax Income tax expense Profit 395,579 (1,534,100) 1,030,900 (191,602) (43,724) 2,000 (189,602) (43,724) 205,977 987,176 (41,195) (148,076) 164,782 839,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Cash flows from operating activities Net income 164782 Adjustments to reconcile net income to net cash provided by operating activities Depreciation e...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started