FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue 7,360,000 Cost of goods sold

Question

FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue 7,360,000 Cost of goods sold $1,890,000 4,080,000 5,970,0UO 1,650,000 Beginning inventory Goods available for salc Ending imwentory Cost of goods sod 4,320,000 Gross profit 3,0E0,00O Operating expensS 440,0u0 650,000 cling axpenses 1,090,000 $1,970,000 Adcitional inforimstion: 1. Accounts receivable decreased $310,000 during the year 2. Prepaid expanses increased $180,o0o during the wear . Accounts payabla to suppliars c merchardis dareasad $2Ho,ono during tha yaar 4. Accrued expenses payable decreasec $140,000 during the year 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating actvities section of the statement of cash flows fo the year ended Decamber 31, 2017, for Wildhorse Company, using the indirect mathod. (Show amounts that decrease cash low with elther a -sign o.g. -15,000 or in paranthesis e.g. (15,000). WILDHORSE COMPANY Statement of Cash Flows (Partial) Adjustments to roconcilie nat income to

Explanation / Answer

Statement of cash flows(partial) For the year ended December 31,2017 Cash flows from operating activities: Net income 1970000 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense 70000 Accounts Receivable decrease 310000 Prepaid expenses increase -180000 Accounts Payable decrease -280000 Accrued expenses Payable decrease -140000 -220000 Net cash provided by operating activities 1750000

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