The income statement of Marigold Company is shown below MARIGOLD COMPANY INCOME STATEMENT...
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The income statement of Marigold Company is shown below MARIGOLD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,890,000 4,410,000 6,300,000 1,590,000 4,710,000 2,220,000 Gross profit Operating expenses Selling expenses Administrative expenses 450,000 700,000 1,150,000 $1,070,000 Net income Additional information: 1. Accounts receivable decreased $370,000 during the year 2. Prepaid expenses increased $160,000 during the year 3. Accounts payable to suppliers of merchandise decreased $290,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $50,000 Prepare the operating activities section of the statement of cash flows using the direct method MARIGOLD COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 Cash Flows from Operating Activities Cash Receipts from Customers 7300000 Cash Payments to Suppliers 5000000 Cash Payments for Operating Expenses (1350000) (6350000) Net Cash Provided by Operating Activities 950000
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