Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 12-3A The income statement of Headlands Industries is presented here Headlands Industries Income Statement For the Year Ended November 30, 2017 Sales revenue $7,593,600

image text in transcribedimage text in transcribed

Problem 12-3A The income statement of Headlands Industries is presented here Headlands Industries Income Statement For the Year Ended November 30, 2017 Sales revenue $7,593,600 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,907,000 4,403,100 6,310,100 1,616,600 4,693,500 Total cost of goods sold Gross profit Operating expenses 2,900,100 452,100 711,300 Selling expenses Administrative expenses 1,163,400 Net income $1,736,700 Additional information: 1. Accounts receivable decreased $381,200 during the year, and inventory decreased $290,400 2. Prepaid expenses increased $149,400 during the year 3. Accounts payable to suppliers of merchandise decreased $347,500 during the year. . Accrued expenses payable decreased $101,100 during the year 5. Administrative expenses include depreciation expense of $111,000 Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Headlands Industries, 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).)

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Weygandt Kimmel Kieso

10th Edition

0470646462, 978-0470646465

More Books

Students also viewed these Accounting questions

Question

What is the equation of a straight line?

Answered: 1 week ago

Question

To realize business outcomes before and after HRM adoption.

Answered: 1 week ago