Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Pearl Industries is presented here Pearl Industries Income Statement For the Year Ended November 30, 2017 Sales revenue $7,615,700 Cost of

image text in transcribedimage text in transcribed

The income statement of Pearl Industries is presented here Pearl Industries Income Statement For the Year Ended November 30, 2017 Sales revenue $7,615,700 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,907,300 4.429,300 6,336,600 1,585,100 Total cost of goods sold Gross profit Operating expenses 4,751,500 2,864,200 Selling expenses Administrative expenses 689,300 1,141,800 452,500 Net income $1,722,400 Additional information: 1. Accounts receivable decreased $386,800 during the year, and inventory decreased $322,200. 2. Prepaid expenses increased $149,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $343,300 during the year 4. Accrued expenses payable decreased $100,700 during the year. 5. Administrative expenses include depreciation expense of $109,800 Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Pearl Industries, using the indirect method. (Show amounts that decrease cash flow with either a -sign eg.-15,000 or in parenthesis e-g.(15,000)) Pearl Industries Partial Statement of Cash Flows For the Year Ended November 30,20177 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

Changing Academics Quality Audit And Its Perceived Impact

Authors: Ming Cheng

1st Edition

3639134273, 978-3639134278

More Books

Students also viewed these Accounting questions

Question

5. Identify the logical fallacies, deceptive forms of reasoning

Answered: 1 week ago

Question

6. Choose an appropriate organizational strategy for your speech

Answered: 1 week ago