Ivanhoe Company Income Statement For the Year Ended November 30, 2017 Sales reve

Question

Ivanhoe Company Income Statement For the Year Ended November 30, 2017 Sales revenue $7,484,100 Cost of goods sold Beginning inventory $1,866,600 4,364, 100 6,230,700 1,630,900 Purchases Goods available for sale Ending inventory Total cost of goods sold 4,599,800 2,884,300 Gross profit Operating expenses Selling expenses 441,400 1,131,300 Administrative expenses Net income Additional information 1. Accounts receivable decreased $374,300 during the year and inventory decreased $235,700. 2. Prapaid expenses increased $148.000 during the year 3 Accounts payabls to suppliers of merchandis decressed 5346 100 during tme yer 4 Accrued expanses payable decreased s100,000 during the year s. Administrative axpenses include dapreciation sxpense of s:10,700 Propare the operating activities saction of the statement of cash fiws for the year ended November 3u 2o amounts that decrease cash fnow iwith elther o sign eg. 15,000 or in parentheais eg (4soo

Explanation / Answer

net cash from operating activities Net income for the year 1,753,000 Adjustments to reconcile net income to the net cash from operating activites depreciation 110,700 Decrease in accounts receivable 374,300 Decrease in inventory 235,700 increase in prepaid expense -148,000 decrease in accounts payable -346,100 Decrease in accrued expenses payable -100,000 126,600 Net cash provided by operating activities 1,879,600

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