The income statement of Whitlock Company is presented here WHITLOCK COMPANY Inco
ID: 2337265 • Letter: T
Question
The income statement of Whitlock Company is presented here WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,459,100 Cost of goods sold $1,986,400 Beginning inventory Purchases Goods available for sale Ending inventory 6,357,600 1,444,200 4,913,400 2,545,700 Total cost of goods sold Gross proft Operating expenses Net income $1,423,200 Additional information 1. Accounts receivable increased $198,900 during the year, and inventory decreased $542,2 2. Prepaid expenses increased $180,000 during the year 3. Accounts payable to suppliers of merchandise decreased $334,000 during the year 4. Accrued expenses payable decreased $108,500 during the year S. Operating expenses include depreciation expense of $98,000 Prepare the operating activities section of the statement of cash flows using the direct metho WHITLOCK COMPANY Partial Statement of Cash Flows DYNEExplanation / Answer
Whitlock Company
Whitlock Company
Partial Statement of Cash Flows (Direct Method)
For the year ended Nov 30, 2017
Cash flows from operating activities:
Cash receipts from customers
$7,260,200
Cash paid to suppliers
($4,705,200)
cash operating expenses
($1,313,000)
cash disbursements
($6,018,200)
Net cash provided by operating activities
$1,242,000
sales
$7,459,100
Less: increase in accounts receivable
($198,900)
Cash received from customers
$7,260,200
Cost of goods sold
$4,913,400
Less: Decrease in inventories
($542,200)
Add: decrease in accounts payable
$334,000
Cash paid to suppliers
$4,705,200
operating expenses
$1,122,500
Add: increase in prepaid expenses
$180,000
Add: decrease in accrued expenses
$108,500
Less: Depreciation expense
($98,000)
Whitlock Company
Partial Statement of Cash Flows (Direct Method)
For the year ended Nov 30, 2017
Cash flows from operating activities:
Cash receipts from customers
$7,260,200
Cash paid to suppliers
($4,705,200)
cash operating expenses
($1,313,000)
cash disbursements
($6,018,200)
Net cash provided by operating activities
$1,242,000
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