The statement of income of Metal Corporation is shown below: Metal CORPORATION Statement of Income Year Ended October 31, 2023 Sales ....... Cost of goods sold Gross profit................. Operating expenses.. Depreciation expense... Net income.. **************** ********* $312,500 35,000 Additional information: 1. Accounts receivable increased $105,000 during the year. 2. Inventory increased $62,500 during the year. 3. Prepaid expenses increased $53,750 during the year. 4. Accounts payable to merchandise suppliers increased $72,500 during the year. 5. Accrued expenses payable increased $40,000 during the year. $2,125,000 1,300,000 825,000 347,500 $ 477.500 Instructions Using the direct method, prepare the operating activities section of the statement of cash flows for the year ended October 31, 2023.

The statement of income of Metal Corporation is shown below: Metal CORPORATION Statement of Income Year Ended October 31, 2023 Sales ....... Cost of goods sold Gross profit................. Operating expenses.. Depreciation expense... Net income.. ******** * $312,500 35,000 Additional information: 1. Accounts receivable increased $105,000 during the year. 2. Inventory increased $62,500 during the year. 3. Prepaid expenses increased $53,750 during the year. 4. Accounts payable to merchandise suppliers increased $72,500 during the year. 5. Accrued expenses payable increased $40,000 during the year. $2,125,000 1,300,000 825,000 347,500 $ 477.500 Instructions Using the direct method, prepare the operating activities section of the statement of cash flows for the year ended October 31, 2023.

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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