Sales revenue $7 700 000 Cost of goods sold Beginning inventory $1 900 000 Purchases 4 400 000 Goods available for sale 6 300 000 Ending inventory Total cost of goods sold Gross profit Operating expenses Net income 1 400 000 4 900 000 2 800 000 1 150 000 1 650 000 ional information: Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $100,000 during the year. Operating expenses include depreciation expense of $70,0000. ructions are the operating activities section of the statement of cash flows for the year ended November 30, 2021, Vhitlock Company, using the indirect method. E: Enter a number in cells requesting a value; enter a formula in cells with a "?".
Sales revenue $7 700 000 Cost of goods sold Beginning inventory $1 900 000 Purchases 4 400 000 Goods available for sale 6 300 000 Ending inventory Total cost of goods sold Gross profit Operating expenses Net income 1 400 000 4 900 000 2 800 000 1 150 000 1 650 000 ional information: Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $100,000 during the year. Operating expenses include depreciation expense of $70,0000. ructions are the operating activities section of the statement of cash flows for the year ended November 30, 2021, Vhitlock Company, using the indirect method. E: Enter a number in cells requesting a value; enter a formula in cells with a "?".
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Could you do this, please?
Transcribed Image Text:WHITLOCK COMPANY
Partial Statement of Cash Flows
For the Year Ended November 30, 2021
Cash flows from operating activities
Net income
Value
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation expense
Value
Increase in accounts receivable
Value
Decrease in inventory
Increase in prepaid expenses
Decrease in accounts payable
Decrease in accrued expenses payable
Value
Value
Value
Value
?
Net cash provided by operating activities
Transcribed Image Text:Income Statement
For the Year Ended November 30, 2021
Sales revenue
$7 700 000
Cost of goods sold
Beginning inventory
Purchases
$1 900 000
4 400 000
Goods available for sale
6 300 000
Ending inventory
Total cost of goods sold
Gross profit
Operating expenses
Net income
1 400 000
4 900 000
2 800 000
1 150 000
1 650 000
Additional information:
Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
Prepaid expenses increased $150,000 during the year.
Accounts payable to suppliers of merchandise decreased $340,000 during the year.
Accrued expenses payable decreased $100,000 during the year.
Operating expenses include depreciation expense of $70,0000.
1.
2.
3.
4.
5.
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2021,
for Whitlock Company, using the indirect method.
NOTE: Enter a number in cells requesting a value; enter a formula in cells with a "?".
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education