Question 3a. The income statement and a partial balance sheet for Mango Company arepresented below.Mango CompanyIncome statementFor the year Ended December 31, 2020$260,000Sales105,600Cost of goods sold$154,400Gross ProfitOperating expenses:Salaries$24,00016,000Depreciation expenseMiscellaneous10,60050,600Net Income$103,800Mango CompanyBalance SheetAs at 31st December 20202017Cash2016224,000$100,000$Account receivableInventories13,2008,8008,00016,800Prepaid expensesAccounts Payable10,8006,2006,12010,8008,8005,320Salaries PayablesRequired: Prepare the operating activities section of the statement of cash flows usingindirect method.OUM

For calculating cash flow we need to calculate three activities which are Operating Investing…

Answered: Mango Company Income statement ear…

Business

Accounting

Mango Company Income statement ear Ended December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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