2. Sales Cost of goods sold Gross proft Operating expenses Income from operations Interest expense Income before income tax Income tax expense 3. 6. Net income Additional information regarding 2021: Operating expenses include $73,000 of depreciation expense and a $110,000 impairment loss on property, plant, and equipment. Accounts receivable increased by $189,000, Inventory decreased by $55,000. Prepaid expenses related to operating expenses increased by $50,000. Accounts payable to suppliers of inventory decreased by $184,000. Rent payable related to operating expenses decreased by $91,000. Interest payable decreased by $20,000. Deferred revenue received from customers decreased by $15,000. 4. 5. 7. Year Ended November 30, 2021 8. $8,400,000 4,150,000 4,250,000 2.040,000 2,210,000 150.000 2,060,000 400,000 $1,660,000
2. Sales Cost of goods sold Gross proft Operating expenses Income from operations Interest expense Income before income tax Income tax expense 3. 6. Net income Additional information regarding 2021: Operating expenses include $73,000 of depreciation expense and a $110,000 impairment loss on property, plant, and equipment. Accounts receivable increased by $189,000, Inventory decreased by $55,000. Prepaid expenses related to operating expenses increased by $50,000. Accounts payable to suppliers of inventory decreased by $184,000. Rent payable related to operating expenses decreased by $91,000. Interest payable decreased by $20,000. Deferred revenue received from customers decreased by $15,000. 4. 5. 7. Year Ended November 30, 2021 8. $8,400,000 4,150,000 4,250,000 2.040,000 2,210,000 150.000 2,060,000 400,000 $1,660,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 61E: Recording Various Liabilities Glenview Hardware had the following transactions that produced...
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Please do not give solution in image format thanku
![8. Deferred revenue received from customers decreased by $15,000.
9.
Income tax payable increased by $29,000.
(a)
Prepare the operating activities section of the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a-sigu
BLOSSOM LTD.
Statement of Cash Flows (Partial)
Year Ended November 30, 2021
Operating activities
Adjustments to reconcile net income to
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AUDI](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3824b55-af29-4e78-943b-f923818c94e5%2F4a22d167-0a3f-43e7-be95-bd532c71b8bb%2Ffisepwq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. Deferred revenue received from customers decreased by $15,000.
9.
Income tax payable increased by $29,000.
(a)
Prepare the operating activities section of the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a-sigu
BLOSSOM LTD.
Statement of Cash Flows (Partial)
Year Ended November 30, 2021
Operating activities
Adjustments to reconcile net income to
>
>
>
<
>
(
>
4A
AUDI
![Sales
Cost of goods sold
Gross profit
Operating expenses
Income from operations
Interest expense
Income before income tax
Income tax expense
Net income
1.
2.
3.
4.
5.
6.
Statement of Income
Year Ended November 30, 2021
Additional information regarding 2021:
Operating expenses include $73,000 of depreciation expense and a $110,000 impairment loss on property, plant, and equipment.
Accounts receivable increased by $189,000,
Inventory decreased by $55,000.
Prepaid expenses related to operating expenses increased by $50,000.
Accounts payable to suppliers of inventory decreased by $184,000.
Rent payable related to operating expenses decreased by $91,000.
Interest payable decreased by $20,000.
Deferred revenue received from customers decreased by $15,000.
8.
7.
$8,400,000
4,150,000
4,250,000
2.040,000
2,210,000
150,000
2,060,000
400,000
$1,660,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3824b55-af29-4e78-943b-f923818c94e5%2F4a22d167-0a3f-43e7-be95-bd532c71b8bb%2Fum1z69f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sales
Cost of goods sold
Gross profit
Operating expenses
Income from operations
Interest expense
Income before income tax
Income tax expense
Net income
1.
2.
3.
4.
5.
6.
Statement of Income
Year Ended November 30, 2021
Additional information regarding 2021:
Operating expenses include $73,000 of depreciation expense and a $110,000 impairment loss on property, plant, and equipment.
Accounts receivable increased by $189,000,
Inventory decreased by $55,000.
Prepaid expenses related to operating expenses increased by $50,000.
Accounts payable to suppliers of inventory decreased by $184,000.
Rent payable related to operating expenses decreased by $91,000.
Interest payable decreased by $20,000.
Deferred revenue received from customers decreased by $15,000.
8.
7.
$8,400,000
4,150,000
4,250,000
2.040,000
2,210,000
150,000
2,060,000
400,000
$1,660,000
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