Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Sunland Company Income Statement For the Year Ended November 30, 2022 Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. 2. 3. 5. $1,988,900 4,380,300 6,369.200 1,626,600 446,000 695,700 $7,477,800 4,742,600 2,735,200 1,141,700 $1,593,500 Accounts receivable decreased $392,600 during the year, and inventory decreased $362,300. Prepaid expenses increased $168,900 during the year. Accounts payable to suppliers of merchandise decreased $337,000 during the year. Accrued expenses payable decreased $102,300 during the year. Administrative expenses include depreciation expense of $106,900. Prepare the operating activities section of the statement of cash flows using the direct method.
Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Sunland Company Income Statement For the Year Ended November 30, 2022 Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. 2. 3. 5. $1,988,900 4,380,300 6,369.200 1,626,600 446,000 695,700 $7,477,800 4,742,600 2,735,200 1,141,700 $1,593,500 Accounts receivable decreased $392,600 during the year, and inventory decreased $362,300. Prepaid expenses increased $168,900 during the year. Accounts payable to suppliers of merchandise decreased $337,000 during the year. Accrued expenses payable decreased $102,300 during the year. Administrative expenses include depreciation expense of $106,900. Prepare the operating activities section of the statement of cash flows using the direct method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:The income statement of Sunland Company is presented here.
Sunland Company
Income Statement
For the Year Ended November 30, 2022
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
2.
3.
4.
5.
$1,988,900
4,380,300
6,369,200
1,626,600
446,000
695,700
$7,477,800
4,742,600
2,735,200
1,141,700
$1,593,500
Accounts receivable decreased $392,600 during the year, and inventory decreased $362,300.
Prepaid expenses increased $168,900 during the year.
Accounts payable to suppliers of merchandise decreased $337,000 during the year.
Accrued expenses payable decreased $102,300 during the year.
Administrative expenses include depreciation expense of $106,900.
Prepare the operating activities section of the statement of cash flows using the direct method.

Transcribed Image Text:Prepare the operating activities section of the statement of cash flows using the direct method.
Sunland Company
Partial Statement of Cash Flows
For the Year Ended November 30, 2022
Cash Flows from Operating Activities
cash payments:
$
$
$
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