The income statement of Whitlock Company is presented here. Additional information: 1. Accounts receivable increased $251,300 during the year, and inventory decreased $556,700. 2. Prepaid expenses increased $150,100 during the year. 3. Accounts payable to suppliers of merchandise decreased $349,500
The income statement of Whitlock Company is presented here.
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Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Additional information:
1. Accounts receivable increased $251,300 during the year, and inventory decreased $556,700.
2. Prepaid expenses increased $150,100 during the year.
3. Accounts payable to suppliers of merchandise decreased $349,500 during the year.
4. Accrued expenses payable decreased $105,600 during the year.
5. Operating expenses include depreciation expense of $84,800.
Required:
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2014, for Whitlock Company, using the indirect method.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Transcribed Image Text:
WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2014 Sales revenue $7,788,300 Cost of goods sold Beginning inventory $1,879,400 4,486,700 6,366,100 1,322,700 Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses 5,043.400 2,744,900 1,034,800 $1,710,100 Net income
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Related Book For 
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date: January 23, 2017 02:43:39
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