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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.

FINANCIAL ACCOUNTING
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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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: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.
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: $ $ $
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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