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Toby Zed Company

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Toby Zed Company;The income statement of Toby Zed Company is presented here.;TOBY ZED COMPANY;Income Statement;For the Year Ended November 30, 2012;Sales revenue;$7,700,000;Cost of goods sold;Beginning inventory;$1,900,000;Purchases;4,400,000;Goods available for sale;6,300,000;Ending inventory;1,400,000;Total cost of goods sold;4,900,000;Gross profit;2,800,000;Operating expenses;1,150,000;Net income;$1,650,000;Additional information;1. Accounts receivable increased $250,000 during the year, and inventory decreased $500,000.;2. Prepaid expenses increased $150,000 during the year.;3. Accounts payable to suppliers of merchandise decreased $340,000 during the year.;4. Accrued expenses payable decreased $100,000 during the year.;5. Operating expenses include depreciation expense of $90,000.;Instructions;Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for Toby Zed Company, using the indirect method.

 

Paper#28660 | Written in 18-Jul-2015

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