Tamarisk, Inc. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of...

Transcribed Image Text:

Tamarisk, Inc. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of goods sold Beginning inventory $2,020,000 Purchases 4,485,300 Goods available for sale 6,505,300 Ending inventory 1,745,800 Total cost of goods sold 4,759,500 Gross profit 2,647,900 Operating expenses Selling expenses 449,000 Administrative expenses 632,100 1,081,100 Net income $1,566,800 Additional information: 1. Accounts receivable decreased $394,200 during the year, and inventory decreased $274,200. 2. Prepaid expenses increased $183,800 during the year. 3. Accounts payable to suppliers of merchandise decreased $338,400 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $107,600. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Tamarisk, Inc., 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).) Tamarisk, Inc. Partial Statement of Cash Flows For the Year Ended November 30, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to A A Adjustments to reconcile net income to +A $ +A $ Tamarisk, Inc. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of goods sold Beginning inventory $2,020,000 Purchases 4,485,300 Goods available for sale 6,505,300 Ending inventory 1,745,800 Total cost of goods sold 4,759,500 Gross profit 2,647,900 Operating expenses Selling expenses 449,000 Administrative expenses 632,100 1,081,100 Net income $1,566,800 Additional information: 1. Accounts receivable decreased $394,200 during the year, and inventory decreased $274,200. 2. Prepaid expenses increased $183,800 during the year. 3. Accounts payable to suppliers of merchandise decreased $338,400 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $107,600. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Tamarisk, Inc., 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).) Tamarisk, Inc. Partial Statement of Cash Flows For the Year Ended November 30, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to A A Adjustments to reconcile net income to +A $ +A $