Problem 13-3A

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The income statement of Whitlock Company is presented here.

WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,524,400 Cost of goods sold Beginning inventory $1,816,200 Purchases 4,438,600 Goods available for sale 6,254,800 Ending inventory 1,364,600 Total cost of goods sold 4,890,200 Gross profit 2,634,200 Operating expenses 1,191,900 Net income $1,442,300

Additional information:

1. Accounts receivable increased $204,700 during the year, and inventory decreased $451,600. 2. Prepaid expenses increased $172,900 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,400 during the year. 4. Accrued expenses payable decreased $103,900 during the year. 5. Operating expenses include depreciation expense of $90,100.

Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Whitlock 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).)

WHITLOCK COMPANY Partial Statement of Cash Flows [Entry field with correct answer] For the Year Ended November 30, 2017 For the Month Ended November 30, 2017 November 30, 2017 [Entry field with correct answer] Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash [Entry field with correct answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable $ [Entry field with correct answer] Adjustments to reconcile net income to [Entry field with incorrect answer] Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash [Entry field with correct answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable $ [Entry field with correct answer] [Entry field with correct answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable [Entry field with incorrect answer] [Entry field with correct answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable [Entry field with incorrect answer] [Entry field with correct answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable [Entry field with incorrect answer] [Entry field with correct answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable [Entry field with incorrect answer] [Entry field with incorrect answer] Net Income Depreciation Expense Decrease in Inventory Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Receivable Decrease in Accrued Expenses Payable Increase in Accrued Expenses Payable Increase in Prepaid Expenses Decrease in Prepaid Expenses Decrease in Accounts Payable Increase in Accounts Payable [Entry field with incorrect answer] [Entry field with incorrect answer] [Entry field with correct answer] Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash $ [Entry field with incorrect answer]