Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,565,200 Cost of

The income statement of Whitlock Company is presented here.

WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017

Sales revenue

$7,565,200

Cost of goods sold
Beginning inventory

$1,929,700

Purchases

4,311,300

Goods available for sale

6,241,000

Ending inventory

1,380,800

Total cost of goods sold

4,860,200

Gross profit

2,705,000

Operating expenses

1,004,300

Net income

$1,700,700

Additional information:

1. Accounts receivable increased $207,400 during the year, and inventory decreased $548,900.
2. Prepaid expenses increased $181,600 during the year.
3. Accounts payable to suppliers of merchandise decreased $347,900 during the year.
4. Accrued expenses payable decreased $102,300 during the year.
5. Operating expenses include depreciation expense of $90,500.

Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Whitlock Company, 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

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

Towards A Strategic Human Resource Management Roles Of HR Audit And Org Culture

Authors: Adel Al Samman

1st Edition

3330653051, 978-3330653054

More Books

Students also viewed these Accounting questions