Sales revenue $7,541,400 Cost of goods sold Beginning inventory $1,949,500 Purchases 4,316,100 Goods available for sale 6,265,600 Ending inventory 1,452,600 Total cost of goods sold 4,813,000 Gross profit 2,728,400 Operating expenses 1,193,200 Net income $1,535,200 Additional information: 1. Accounts receivable increased $204,800 during the year, and inventory decreased $496,900. 2. Prepaid expenses increased $165,400 during the year. 3. Accounts payable to suppliers of merchandise decreased $338,800 during the year. 4. Accrued expenses payable decreased $101,700 during the year. 5. Operating expenses include depreciation expense of $89,900. Prepare the operating activities section of the statement of cash flows using the direct method.

(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WHITLOCK COMPANY Partial Statement of Cash Flows $ cash payments: $ $

Answer rating: 100% (QA)

Partial Statement of Cash Flows Cash receipts Cash collected from customers 7541400 204800 7746200 S... View the full answer