Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 Administrative expenses Net income Additional information: 1. 2. 3. 4. 5. $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 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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MUNSUN COMPANY
Statement of Cash Flows (Partial) - Indirect Method
Adjustments to reconcile net income to
4
<
AP
tA
$
LA
LA
Transcribed Image Text:MUNSUN COMPANY Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to 4 < AP tA $ LA LA
Sales revenue
Cost of goods sold
Beginning inventory
Purchases
Goods available for sale
Ending inventory
Total cost of goods sold
Gross profit
Operating expenses
Selling expenses
Administrative expenses
Net income
Additional information:
1.
MUNSUN COMPANY
Income Statement
For the Year Ended November 30, 2022
2.
3.
4.
5.
$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
Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.
Prepaid expenses increased $150,000 during the year.
Accounts payable to suppliers of inventory decreased $350,000 during the year.
Accrued expenses payable decreased $100,000 during the year.
Administrative expenses include depreciation expense of $110,000.
Transcribed Image Text:Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $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 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.
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