The income statement of Cheyenne Company is shown below.
SKYSONG COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue $7,260,000
Cost of goods sold Beginning inventory $2,070,000
Purchases 4,310,000
Goods available for sale 6,380,000
Ending inventory 1,720,000
Cost of goods sold 4,660,000
Gross profit 2,600,000
Operating expenses Selling expenses 460,000
Administrative expenses 730,000 1,190,000
Net income $1,410,000
Additional information:
1. Accounts receivable decreased $320,000 during the year.
2. Prepaid expenses increased $150,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $250,000 during the year.
4. Accrued expenses payable decreased $110,000 during the year.
5. Administrative expenses include depreciation expense of $50,000.
Required:
Prepare the operating activities section of the statement of cash flows for the year ended December 31.2020.
Answers: 2
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The income statement of Cheyenne Company is shown below.
SKYSONG COMPANY INCOME STATEMENT FOR THE Y...
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