P13.3A (LO 2), AP The income statement of Whitlock Company is presented here.Whitlock CompanyIncome StatementFor the Year Ended November 30, 2020Sales revenueCost of goods soldBeginning inventoryPurchasesGoods available for saleEnding inventoryTotal cost of goods soldGross profitOperating expensesNet income$1,900,0004,400,0006,300,0001,400,000$7,700,0004,900,0002,800,0001,150,000$1,650,000Additional information:1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $340,000 during the year.4. Accrued expenses payable decreased $100,000 during the year.5. Operating expenses include depreciation expense of $70,000.*P13.4A (LO 4), AP Data for Whitlock Company are presented in P13.3A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.Prepare the operating activitiessection indirect method.ExcelPrepare the operating activitiessection direct methodCash from operating activities$1,430,000

Name: P13.3A (LO 2), AP The income statement of Whitlock Company is present
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Description: P13.3A (LO 2), AP The income statement of Whitlock Company is presented here.Whitlock CompanyIncome StatementFor the Year Ended November 30, 2020Sales revenueCost of goods soldBeginning inventoryPurchasesGoods available for saleEnding inventoryTotal

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P13.3A (LO 2), AP The income statement of Whitlock Company is presented here. Whitlock Company Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income $1,900,000 4,400,000 6,300,000 1,400,000 $7,700,000 4,900,000 2,800,000 1,150,000 $1,650,000 Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. & Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. *P13.4A (LO 4), AP Data for Whitlock Company are presented in P13.3A. Instructions Prepare the operating activities section of the statement of cash flows using the direct method. Prepare the operating activities Excel Prepare the operating activities section direct method Cash from operating activities $1,430,000

P13.3A (LO 2), AP The income statement of Whitlock Company is presented here. Whitlock Company Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income $1,900,000 4,400,000 6,300,000 1,400,000 $7,700,000 4,900,000 2,800,000 1,150,000 $1,650,000 Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. & Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. *P13.4A (LO 4), AP Data for Whitlock Company are presented in P13.3A. Instructions Prepare the operating activities section of the statement of cash flows using the direct method. Prepare the operating activities Excel Prepare the operating activities section direct method Cash from operating activities $1,430,000

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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