Business, 01.05.2021 01:50 Travisbennington

The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020

Sales revenue $7,407,400
Cost of goods sold Beginning inventory $1,920,000
Purchases 4,485,300
Goods available for sale 6,405,300
Ending inventory 1,445,800
Total cost of goods sold 4,959,500
Gross profit 2,447,900
Operating expenses 1,081,100
Net income $1,366,800

Additional information:

1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
2. Prepaid expenses increased $150,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $340,000 during the year.
4. Accrued expenses payable decreased $100,000 during the year.
5. Operating expenses include depreciation expense of $70,000.

Required:
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company, using the indirect method.

Answers: 2

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The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For...

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