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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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