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

See similar textbooks

Similar questions

Match each of the components of faithful representation with its definition.Faithful Representation Definition1 . Freedom from error a. All information necessary to describe an item is reported. 2. Neutrality b. Information that does not bias the decision maker. 3. Completeness c. Reported amounts reflect the best available information.
After accepting an assignment, a CPA learns that the client's industry is more complex than he anticipated and that he lacks proficiency in some aspects of the operation. What are the alternatives available to the CPA?
Regarding materiality, both amount and nature of misstatements should be considered. One of the inherent limitations of internal control is the lack of segregation of duties. Group of answer choices False, False True, True True, False False, True
Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved.
True or False: Before applying a Conceptual Framework within the AICPA Code of Conduct, a researcher should see whether a more specific rule and interpretation are available that address the research question. False
Identify the appropriate qualitative characteristic(s) being described in the statements below.. Information that is capable of making a difference in a decision is said to have this fundamental quality. Select one: O a. Materiality O b. Comparability O c. None of the answers are correct O d. Faithful representation O e. Relevance
Which of the following is correct? a. Auditors should evaluate application controls before evaluating general controls b. Auditors should evaluate application controls and general controls simultaneously. c. Auditors should evaluate general controls before evaluating application controls. d. None of these statements is correct. Required: choose the correct answer and Justify your answers in at least 6 sentences.
Professional skepticism is a. The application of relevant training, knowledge and experience b. Adherence to the professional code of ethics c. An attitude that includes a questioning mind d. Necessary for a quality control system Clear my choice
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
Choosing whether or not to accept a new client may be a difficult decision for auditors to make.
It says they answers are wrong from your example.
What is the term given for information that should NOT be taken from one source as the collectors of the information may have collected this for a specific purpose? a. Accuracy b. REliability c. Completeness d. Bias