*Problem 17-3A The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement...
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*Problem 17-3A The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,588,700 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory $1,907,800 4,306,60o 6,214,400 1,416,300 Total cost of goods sold Gross profit Operating expenses Net income 4,798,100 2,790,600 1,138,800 $1,651,800 Additional information: 1. Accounts receivable increased $197,600 during the year, and inventory decreased $491,500 2. Prepaid expenses increased $174,000 during the year 3. Accounts payable to suppliers of merchandise decreased $332,100 during the year 4. Accrued expenses payable decreased $106,900 during the yean 5. Operating expenses include depreciation expense of $94,200 Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Whitlock Company, using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000).)
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