The income statement of Paxson Company is presented here Paxson Company Income Statement For the Year Ended
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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
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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