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FOR THE YEAR ENDED DECEMBER 31, 2017
Cost of goods sold Beginning inventory$2,080,000
Goods available for sale6,430,000
Cost of goods sold4,970,000
Operating expenses Selling expenses430,000
1.Accounts receivable decreased $300,000 during the year.2.Prepaid expenses increased $150,000 during the year.3.Accounts payable to suppliers of merchandise decreased $280,000 during the year.4.Accrued expenses payable decreased $110,000 during the year.5.Administrative expenses include depreciation expense of $70,000.
(Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Question 30The income statement of Sage Company is shown below.SAGE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2017Sales revenue$6,380,000Cost of goods soldBeginning inventory$2,080,000Purchases4,350,000Goods available for sale6,430,000Ending inventory1,460,000Cost of goods sold4,970,000Gross profit1,410,000Operating expensesSelling expenses430,000Administrative expenses670,0001,100,000Net income$310,000Additional information:. Accounts receivable decreased $300,000 during the year.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.4. Accrued expenses payable decreased $110,000 during the year.5. Administrative expenses include depreciation expense of $70,000Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, for Sage Company, using the indirect method. (Show amounts that decrease cashflow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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