Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Swifty Company is presented here. Additional information: 1. Accounts receivable decreased $397,000 during the year, and inventory decreased $264,200. 2. Prepaid

image text in transcribed
image text in transcribed
The income statement of Swifty Company is presented here. Additional information: 1. Accounts receivable decreased $397,000 during the year, and inventory decreased $264,200. 2. Prepaid expenses increased $177,200 during the year. 3. Accounts payable to suppliers of inventory decreased $340,900 during the year. 4. Accrued expenses payable decreased $107,400 during the year. 5. Administrative expenses include depreciation expense of $111,600. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for SWifty Company using the indirect method. (Show amounts that decrease cash flow with either a - sign eg. 15,000 or in parenthesis eg. (15,000) )

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

Cost Management Strategies For Business Decisions

Authors: Ronald Hilton, Michael Maher, Frank Selto

3rd Edition

0072830085, 978-0072830088

More Books

Students also viewed these Accounting questions