Prepare the following activities section of the statement of cash flows for the year ended november 30,2014 for paxson company using the indirect method
The income statement of Paxson Company is presented here
Paxson Company
Income Statement
For the Year Ended November 30,2014
| Sales Revenue | $7,600,000 | |
| Cost of goods sold | ||
| Beginning Inventory | $1,900,000 | |
| Purchases | 4,400,000 | |
| Goods available for use | 6,300,000 | |
| Ending inventory | 1,600,000 | |
| Total cost of goods sold | 4,700,000 | |
| Gross profit | 2,900,000 | |
| Operating Expenses | ||
| Selling expenses | 450,000 | |
| Administrative expenses | 700,000 | |
| Net income | $1,750,000 |
Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000
Prepaid expenses increased $150,000 during the year
Accounts payable to suppliers of merchandise decreased $350,000 during the year
Accrued expenses payable decreased $100,000 during the year
Administrative expenses include depreciation expense of $110,00
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended november 30,2014 for paxson company,using the indirect method
Net cash provided $1,940,000
Homework Answers
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Prepare the following activities section of the statement of cash flows for the year ended november 30,2014 for paxson company using the indirect method
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