Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement of Marin Inc. is presented here. Marin Inc. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,579,100 Cost of
The income statement of Marin Inc. is presented here.
Marin Inc. Income Statement For the Year Ended November 30, 2017 | ||||
Sales revenue | $7,579,100 | |||
Cost of goods sold | ||||
Beginning inventory | $1,866,300 | |||
Purchases | 4,483,800 | |||
Goods available for sale | 6,350,100 | |||
Ending inventory | 1,573,100 | |||
Total cost of goods sold | 4,777,000 | |||
Gross profit | 2,802,100 | |||
Operating expenses | ||||
Selling expenses | 446,400 | |||
Administrative expenses | 690,100 | 1,136,500 | ||
Net income | $1,665,600 |
Additional information:
1. | Accounts receivable decreased $372,700 during the year, and inventory decreased $293,200. | |
2. | Prepaid expenses increased $148,500 during the year. | |
3. | Accounts payable to suppliers of merchandise decreased $346,700 during the year. | |
4. | Accrued expenses payable decreased $98,900 during the year. | |
5. | Administrative expenses include depreciation expense of $109,200. |
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Marin 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).)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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