Homework Answers
Statement of cash flows (PARTIAL)
|
Particulars |
$ |
$ |
|
Cash flow from Operating Activities |
||
|
Net income |
1,878,600 |
|
|
Add: Adjustments to reconcile net income to net cash provided by operating activities |
||
|
Depreciation expense |
110,700 |
|
|
Changes in current operating assets and liabilities: |
||
|
Accounts receivable decrease |
381,000 |
|
|
Inventory decrease |
248,000 |
|
|
Prepaid expenses increase |
-147,100 |
|
|
Accounts payable decrease |
-354,800 |
|
|
Accrued expenses payable decrease |
-100,700 |
|
|
Net cash provided by Operating Activities |
$2,015,700 |
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1.
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Income Statement
For the Year Ended November 30, 2017
Sales revenue
$7,425,500
Cost of goods sold
Beginning inventory
$1,914,300
Purchases
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Goods available for sale
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Ending inventory
1,468,200
Total cost of goods sold
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Gross profit
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1.
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inventory decreased $446,100.
2.
Prepaid expenses increased $176,200 during the year.
3.
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