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nue ods sold ng inventory es available for sale inventory of goods sold it expenses $1,900,000 4,400,000 6,300,000 1,400,000 $7,700,000 4,900,000 2,800,000 1,150,000 1,650,000 on: receivable increased $200,000 during the year, and inventory decreased $500,000.

nue ods sold ng inventory es available for sale inventory of goods sold it expenses $1,900,000 4,400,000 6,300,000 1,400,000 $7,700,000 4,900,000 2,800,000 1,150,000 1,650,000 on: receivable increased $200,000 during the year, and inventory decreased $500,000.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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P17.3A Prepare the operating activities section-indirect method The income statement of Whitlock Company is presented here. Sales revenue Cost of goods sold 1. 2. 3. 4. 5. Beginning inventory Purchases Additional information: WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $100,000 during the year. Operating expenses include depreciation expense of $70,0000. WHITLOCK COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2020 Cash flows from operating activities $1,900,000 4,400,000 6,300,000 1,400,000 Instructions 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. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Decrease in accrued expenses payable Net cash provided by operating activities $7,700,000 4,900,000 2,800,000 1,150,000 1,650,000 Value Value Value Value Value Value Value ? ?
Transcribed Image Text:P17.3A Prepare the operating activities section-indirect method The income statement of Whitlock Company is presented here. Sales revenue Cost of goods sold 1. 2. 3. 4. 5. Beginning inventory Purchases Additional information: WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $100,000 during the year. Operating expenses include depreciation expense of $70,0000. WHITLOCK COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2020 Cash flows from operating activities $1,900,000 4,400,000 6,300,000 1,400,000 Instructions 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. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Decrease in accrued expenses payable Net cash provided by operating activities $7,700,000 4,900,000 2,800,000 1,150,000 1,650,000 Value Value Value Value Value Value Value ? ?
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