The income statement of Swifty Company is presented here. SWIFTY COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of goods sold Beginning inventory $2,020,000 Purchases 4,485,300 Goods available for sale 6,505,300 Ending inventory 1,745,800 Total cost of goods sold 4,759,500 Gross profit 2,647,900 Operating expenses Selling expenses 449,000 Administrative expenses 632,100 1,081,100 Net income $1,566,800 Additional information: 1. Accounts receivable decreased $394,200 during the year, and inventory decreased $274,200. 2. Prepaid expenses increased $183,800 during the year. 3. Accounts payable to suppliers of inventory decreased $338,400 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $107,600. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cas flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) SWIFTY COMPANY Partial Statement of Cash Flows

The income statement of Swifty Company is presented here. SWIFTY COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,407,400 Cost of goods sold Beginning inventory $2,020,000 Purchases 4,485,300 Goods available for sale 6,505,300 Ending inventory 1,745,800 Total cost of goods sold 4,759,500 Gross profit 2,647,900 Operating expenses Selling expenses 449,000 Administrative expenses 632,100 1,081,100 Net income $1,566,800 Additional information: 1. Accounts receivable decreased $394,200 during the year, and inventory decreased $274,200. 2. Prepaid expenses increased $183,800 during the year. 3. Accounts payable to suppliers of inventory decreased $338,400 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $107,600. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cas flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) SWIFTY COMPANY Partial Statement of Cash Flows

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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