Exercise ERThe Income statement of Vince Gill Company Is shown below.VINCE GILL COMPANYINCOME STATENENTFOR THE YEAR ENDED DECENBER 31, 2020$6,900,000Sales revenueCost of goods soldPurchasesuauanur Bபrப்பம்Sg:000 0000Goods available for sale6,300,000Ending InventoryCost of goods sold4,700,000Gross profitOperating expensesSelling expensesAdministratve expensesఈ50,000700,0001,150,000$1,050,000Net Income.Additional Information:1. Accounts recelvable decreased $360,000 durIng the year.2. Prepald expenses Increased S170,000 during the year.3. Accounts payable to suppliers of merchandise decreased S275,000 during the year.4. Accrued expenses payable decreased $100,000 durIng the year.5. Administrative expenses Include depredatlon expense of $60,000.Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect methodparenthesis e.g. (15,000VINCE GILL COMPANYStatement of Cash Flows (Partial)Adjustments to reconcile net Income to

The Income statement of Vince Gill Company is shown below. VINCE GILL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,900,000 Cost of goods sold $1,900,000 Begtnning Inventory Purchases 4,400,000 6,300,000 1,600,000 Goods avallable for sale Ending Inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses 4,700,000 2,200,000 450,000 700,000 1,150,000 Net Income $1,050,000 Additional Information: 1. Accounts recelvable decreased $360,000 during the year. 2. Prepaid expenses Increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $275,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses Include depredation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect methoc parenthesis e.g. (15,000).)

The Income statement of Vince Gill Company is shown below. VINCE GILL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,900,000 Cost of goods sold $1,900,000 Begtnning Inventory Purchases 4,400,000 6,300,000 1,600,000 Goods avallable for sale Ending Inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses 4,700,000 2,200,000 450,000 700,000 1,150,000 Net Income $1,050,000 Additional Information: 1. Accounts recelvable decreased $360,000 during the year. 2. Prepaid expenses Increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $275,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses Include depredation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect methoc parenthesis e.g. (15,000).)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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