The income statement of Whitlock Company is presented here.
Additional information
- Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
- Prepaid expenses increased $150,000 during the year
- Accounts payable to suppliers of merchandise decreased $340,000 during the year.
- Accrued expenses payable decreased $100,000 during the year.
- Operating expenses include depreciation expense of $70,000
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company, using the indirect method.
Solution
Whitlock Company
Statement of Cash Flows - Indirect Method (Partial)
For the Year Ended November 30, 2020
Statement of Cash Flows - Indirect Method (Partial)
For the Year Ended November 30, 2020
