Question
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,502,400 Cost of
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,502,400 Cost of goods sold Beginning inventory $1,981,800 Purchases 4,310,200 Goods available for sale 6,292,000 Ending inventory 1,391,000 Total cost of goods sold 4,901,000 Gross profit 2,601,400 Operating expenses 1,161,300 Net income $1,440,100 Additional information: 1. Accounts receivable increased $192,600 during the year, and inventory decreased $590,800. 2. Prepaid expenses increased $182,800 during the year. 3. Accounts payable to suppliers of merchandise decreased $341,000 during the year. 4. Accrued expenses payable decreased $109,800 during the year. 5. Operating expenses include depreciation expense of $90,900. 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).)
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