Homework Answers
Statement of cash flows (PARTIAL)
|
Particulars |
$ |
$ |
|
Cash flow from Operating Activities |
||
|
Net income |
735,000 |
|
|
Add: Adjustments to reconcile net income to net cash provided by operating activities |
||
|
Depreciation expense |
10,000 |
|
|
Loss on sale of equipment |
10,000 |
|
|
Changes in current operating assets and liabilities: |
||
|
Accounts receivable increase |
-110,000 |
|
|
Inventory increase |
-75,000 |
|
|
Prepaid expenses increase |
-60,000 |
|
|
Accounts payable increase |
50,000 |
|
|
Accrued expenses decrease |
-80,000 |
|
|
Net cash provided by Operating Activities |
$480,000 |
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Use the Income Statement and Additional Information presented below to determine Cash Flow from Operations :...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020...
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The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year...
The income statement of Whitlock Company is presented
here.
WHITLOCK COMPANY
Income Statement
For the Year Ended November 30, 2017
Sales revenue
$7,425,500
Cost of goods sold
Beginning inventory
$1,914,300
Purchases
4,345,900
Goods available for sale
6,260,200
Ending inventory
1,468,200
Total cost of goods sold
4,792,000
Gross profit
2,633,500
Operating expenses
1,116,000
Net income
$1,517,500
Additional information:
1.
Accounts receivable increased $191,200 during the year, and
inventory decreased $446,100.
2.
Prepaid expenses increased $176,200 during the year.
3.
Accounts payable...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year...
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The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020 Sales revenue $7,459,100 Cost goods sold Beginning inventory $1,986,400 Purchases 4,371,200 Goods available for sale 6,357,600 Ending inventory 1,444,200 Total cost of goods sold 4,913,400 Gross profit 2,545,700 Operating expenses 1,122,500 $1,423,200 Net income Additional information: 1. Accounts receivable increased $198,900 during the year, and inventory decreased $542,200. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to...
The income statement of Whitlock Company is presented
here.
WHITLOCK COMPANY
Income Statement
For the Year Ended November 30, 2017
Sales revenue
$7,425,500
Cost of goods sold
Beginning inventory
$1,914,300
Purchases
4,345,900
Goods available for sale
6,260,200
Ending inventory
1,468,200
Total cost of goods sold
4,792,000
Gross profit
2,633,500
Operating expenses
1,116,000
Net income
$1,517,500
Additional information:
1.
Accounts receivable increased $191,200 during the year, and
inventory decreased $446,100.
2.
Prepaid expenses increased $176,200 during the year.
3.
Accounts payable...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,431,800 Cost of goods sold Beginning inventory $1,880,900 Purchases 4,343,000 Goods available for sale 6,223.900 Ending inventory 1,490,000 Total cost of goods sold 4,733.900 Gross profit 2,697,900 Operating expenses 1,144.400 Net income $1,553,500 Additional information: 1. Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2. Prepaid expenses increased $169,000 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. $7,420,100 WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,908,600 Purchases 4,385,900 Goods available for sale 6,294,500 Ending inventory 1,307,100 Total cost of goods sold Gross profit Operating expenses 4,987,400 2,432,700 1,001,500 Net income $1,431,200 Additional information: 1. Accounts receivable increased $195,700 during the year, and inventory decreased $601,500. 2. Prepaid expenses increased $166,000 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,564,900 Cost of goods sold Beginning inventory $1,836,300 Purchases 4,423,500 Goods available for sale 6,259,800 Ending inventory 1,305,000 Total cost of goods sold 4,954,800 Gross profit 2,610,100 Operating expenses 1,130,200 $1,479,900 Net income Additional information: 1. Accounts receivable increased $192,500 during the year, and inventory decreased $531,300. 2. Prepaid expenses increased $175,100 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,491,300 Cost of goods sold Beginning inventory $1,801,400 4,309,700 Purchases Goods available for sale 6,111,100 1,419,800 Ending inventory Total cost of goods sold 4,691,300 Gross profit 2,800,000 1,174,300 Operating expenses Net income $1,625,700 Additional information: 1. Accounts receivable increased $190, 100 during the year, and inventory decreased $381,600. 2. Prepaid expenses increased $180,200 during the year. 3. Accounts...
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Use the information below to prepare a Statement of Cash Flow for Bob's Bargain Shop. You need to prepare the statement using both the direct method and the indirect method for the operating section. Bob's Bargain Shop Income Statement For the Year Ended December 31, Year 2 Year 1 Bob's Bargain Shop Balance Sheets As of December 31 Year 2 Assets Cash 94,300 Accounts Receivable 36,000 Inventory 72,000 Note Receivable Equipment 98,000 Acc. Dep - Equipment (47,800) Land 46,000 Total...
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