P13.3 (LO 2), AP The income statement of Munsun Company is presented here.4. Accrued expenses payable decreased $100,000 during the year.5. Administrative expenses include depreciation expense of $110,000.InstructionsMunsun CompanyIncome StatementFor the Year Ended November 30, 2022Sales revenueCost of goods soldAdditional information:1. Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of inventory decreased $350,000 during the year.$1,940,000Beginning inventoryPurchasesGoods available for saleEnding inventoryTotal cost of goods soldGross profitOperating expensesSelling expensesAdministrative expensesNet income$1,900,0004,400,0006,300,0001,600,000450,000700,000$7,600,0004,700,0002,900,0001,150,000$1,750,000Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Munsun Company, using the indirect method.a. Net cash provided-oper. act.Prepare the operating activities section-direct method.

Name: P13.3 (LO 2), AP The income statement of Munsun Company is presented
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Description: P13.3 (LO 2), AP The income statement of Munsun Company is presented here.4. Accrued expenses payable decreased $100,000 during the year.5. Administrative expenses include depreciation expense of $110,000.InstructionsMunsun CompanyIncome StatementFo

A cash flow statement is a type of financial statement that details a company's inflows and outflows…

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P13.3 (LO 2), AP The income statement of Munsun Company is presented here. Instructions Munsun Company Income Statement For the Year Ended November 30, 2022 Sales revenue Cost of goods sold $1,940,000 Beginning inventory Purchases Additional information: 1. Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of inventory decreased $350,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses include depreciation expense of $110,000. Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Munsun Company, using the indirect method. a. Net cash provided- oper. act.

P13.3 (LO 2), AP The income statement of Munsun Company is presented here. Instructions Munsun Company Income Statement For the Year Ended November 30, 2022 Sales revenue Cost of goods sold $1,940,000 Beginning inventory Purchases Additional information: 1. Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of inventory decreased $350,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses include depreciation expense of $110,000. Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Munsun Company, using the indirect method. a. Net cash provided- oper. act.

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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