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    Argosy University/ Phoniex University/
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Category > Management Posted 07 Jul 2017 My Price 11.00

suppliers of merchandise

The income statement of Toby Zed Company is presented here.

 

TOBY ZED COMPANY

  
 

Income Statement

  
 

For the Year Ended November 30, 2012

Sales revenue

  

$7,700,000

Cost of goods sold

    

Beginning inventory

$1,900,000

  

Purchases

4,400,000

  

Goods available for sale

6,300,000

  

Ending inventory

1,400,000

  

Total cost of goods sold

  

4,900,000

Gross profit

  

2,800,000

Operating expenses

  

1,150,000

Net income

  

$1,650,000

Additional information:

1. Accounts receivable increased $250,000 during the year, and inventory decreased $500,000.

2. Prepaid expenses increased $150,000 during the year.

3. Accounts payable to suppliers of merchandise decreased $340,000 during the year.

4. Accrued expenses payable decreased $100,000 during the year.

5. Operating expenses include depreciation expense of $90,000.

Instructions

Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for Toby Zed Company, using the indirect method.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Jul 2017 12:07 PM My Price 11.00

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