Problem 12 12-3A The income statement of Cullumber Company is presented here. In

Question

Problem 12 12-3A The income statement of Cullumber Company is presented here. Income Statement For the Year Ended November 30, 2017 $7,451,100 Cost of goods sold Beginning inventory $1,912,300 4,369,700 Goods available for sale 6,302,000 1,591,500 Ending inventory Total cost of goods sold 4,710,500 2,740,600 Selling expenses 453,900 01.0001.154,900 Administrative expens Net income Additional information: 1. Accounts receivable decreased $377,500 during the year, and inventory decreased $320,800 2. Prepaid expenses increased $148,900 during the year 3. Accounts payable to suppliers of merchandise decreased s353,900 during the year 4. Accrued expenses payable decreased $101,100 during the year . Administrative expenses indude depreciation expense of $110,100. S. Administratidecreased 2017, or Cul umber Company, using the indirect method. Show a mounts that decrease cash ? ow with either? sign e g.-15,000 or in parenthesis e prepare the operating activities section of the statement of cash flows or the year ended November 30 (15,000).) Cullumber Company Partial Statement of Cash Adjustments to reconcile net income to

Explanation / Answer

Cullumber Company Partial Statement of Cash Flows for the year ended Nov 30,2017 Cash Flow from Operating Activities Net Income 1585700 Adjustments to reconcile Net Income to Cash provided by Operatig Activities Depreciation 110100 Decrease in Account Recievables 377500 Decrease in Inventory 320800 Increase in Prepaid Expense -148900 Decrease in Account Payable -353900 Decrease in Accured Expense Payable -101100 204500 Net Cash Flow from Operating Expense 1790200

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