The income statement of Swifty Company is presented here. SWIFTY COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of goods sold Beginning inventory $2,020,000 Purchases 4,485,300 Goods available for sale 6,505,300 Ending inventory 1,745,800 Total cost of goods sold 4,759,500 Gross profit 2,647,900 Operating expenses Selling expenses 449,000 Administrative expenses 632,100 1,081,100 Net income $1,566,800 Additional information: 1. Accounts receivable decreased $394,200 during the year, and inventory decreased $274,200. 2. Prepaid expenses increased $183,800 during the year. 3. Accounts payable to suppliers of inventory decreased $338,400 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $107,600. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cas flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) SWIFTY COMPANY Partial Statement of Cash Flows

The income statement of Swifty Company is presented here. SWIFTY COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of goods sold Beginning inventory $2,020,000 Purchases 4,485,300 Goods available for sale 6,505,300 Ending inventory 1,745,800 Total cost of goods sold 4,759,500 Gross profit 2,647,900 Operating expenses Selling expenses 449,000 Administrative expenses 632,100 1,081,100 Net income $1,566,800 Additional information: 1. Accounts receivable decreased $394,200 during the year, and inventory decreased $274,200. 2. Prepaid expenses increased $183,800 during the year. 3. Accounts payable to suppliers of inventory decreased $338,400 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $107,600. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cas flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) SWIFTY COMPANY Partial Statement of Cash Flows

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.13MCP

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On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
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