17.The income statement of Headland Company is shown below. HEADLAND COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,940,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,350,000 Goods available for sale 6,260,000 Ending inventory 1,600,000 Cost of goods sold 4,660,000 Gross profit 2,280,000 Operating expenses Selling expenses 450,000 Administrative expenses 710,000 1,160,000 Net income $1,120,000 Additional information: 1. Accounts receivable decreased $390,000 during the year. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $50,000. Prepare the operating activities section of the statement of cash flows using the direct method. HEADLAND COMPANYStatement of Cash Flows (Partial) choose the accounting period select an opening section name select an item $enter a dollar amount select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name

17. The income statement of Headland Company is shown below. HEADLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,940,000 Cost of goods sold Beginning inventory...

17.

The income statement of Headland Company is shown below.

Additional information:

Prepare the operating activities section of the statement of cash flows using the direct method.

Jun 09, 2022