Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Flint Corporation is presented here. Flint Corporation Income Statement For the Year Ended November 30, 2022 Sales revenue $7,523,300 Cost of

image text in transcribed
image text in transcribed
image text in transcribed
The income statement of Flint Corporation is presented here. Flint Corporation Income Statement For the Year Ended November 30, 2022 Sales revenue $7,523,300 Cost of goods sold Beginning inventory $1,900,500 Purchases 4,357,900 Goods available for sale 6,258,400 Ending inventory 1,614,900 Total cost of goods sold 4,643,500 Gross profit 2,879,800 Operating expenses Selling expenses 442,800 Administrative expenses 701,000 1,143,800 $1,736,000 Net income 1. Accounts receivable decreased $373,000 during the year, and inventory decreased $285,600. 2. Prepaid expenses increased $149,300 during the year. 3. Accounts payable to suppliers of merchandise decreased $343,300 during the year. 4. Accrued expenses payable decreased $98,300 during the year. 5. 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 Flint Corporation, using the indirect method. (Show amounts that decrease cash flow with either a-sign e g. -15,000 or in parenthesis eg. (15,000).) Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Flint Corporation, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000).) Flint Corporation Partial Statement of Cash Flows Adjustments to reconcile net income to

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 For Inventory

Authors: Steven M. Bragg

3rd Edition

1642210145, 9781642210149

More Books

Students also viewed these Accounting questions

Question

What is the central bank and what does it do

Answered: 1 week ago