Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Metlock, Inc. is presented here. Metlock, Inc. Income Statement For the Year Ended November 30, 2022 $7,425,500 Sales revenue Cost of

image text in transcribedimage text in transcribed

The income statement of Metlock, Inc. is presented here. Metlock, Inc. Income Statement For the Year Ended November 30, 2022 $7,425,500 Sales revenue Cost of goods sold Beginning inventory $2,014.300 Purchases 4,345,900 Goods available for sale 6,360,200 Ending inventory 1,768,200 Total cost of goods sold 4,592.000 Gross profit 2,833,500 Operating expenses Selling expenses 443,000 Administrative expenses 673.000 1,116,000 Net income $1,717,500 Additional information: 1. Accounts receivable decreased $382,400 during the year, and inventory decreased $246,100 Prepaid expenses increased $176,200 during the year. 2. Additional information: 1. Accounts receivable decreased $382,400 during the year, and inventory decreased $246,100. 2. 3. Prepaid expenses increased $176,200 during the year. Accounts payable to suppliers of inventory decreased $341,100 during the year. Accrued expenses payable decreased $104,900 during the year. Administrative expenses include depreciation expense of $105,600. 4. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Met the indirect method. (Show amounts that decrease cash flow with either a - signe.g.-15,000 or in parenthesis e.g. (15,000).) Metlock, Inc. Statement of Cash Flows (Partial) - Indirect Method $ 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_2

Step: 3

blur-text-image_3

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 Information Systems

Authors: Patrick R. Wheeler, Ulric J. Gelinas, Richard B. Dull, Dull Gelinas Wheeler

International 10th Edition

017035539X, 9780170355391

More Books

Students also viewed these Accounting questions

Question

work settings of recent graduates;

Answered: 1 week ago

Question

what is a peer Group? Importance?

Answered: 1 week ago

Question

14.5 Describe how accidents at work can be prevented.

Answered: 1 week ago