Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Splish Brothers Inc. is presented here. Splish Brothers Inc. Income Statement For the Year Ended November 30, 2020 Sales revenue $7,491,300

The income statement of Splish Brothers Inc. is presented here. Splish Brothers Inc. Income Statement For the Year Ended November 30, 2020 Sales revenue $7,491,300 Cost of goods sold Beginning inventory $1,801,400 Purchases 4,309,700 Goods available for sale 6,111,100 Ending inventory 1,419,800 Total cost of goods sold 4,691,300 Gross profit 2,800,000 Operating expenses 1,174,300 Net income $1,625,700 Additional information: 1. Accounts receivable increased $190,100 during the year, and inventory decreased $381,600. 2. Prepaid expenses increased $180,200 during the year. 3. Accounts payable to suppliers of merchandise decreased $347,600 during the year. 4. Accrued expenses payable decreased $104,100 during the year. 5. Operating expenses include depreciation expense of $89,000. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Splish Brothers Inc., using the indirect method.

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

For Wahlen/jones/pagachs Intermediate Accounting Reporting And Analysis, , 2 Terms

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd Edition

1305405676, 9781305405677

More Books

Students also viewed these Accounting questions