Reference no: EM133177612
Question - Moffett Company reports the following income statement for the year ended October 31, 2022:
Sales $2,403,600
Cost of goods sold 1,104,000
Gross profit 1,299,600
Depreciation expense 54,000
Wages expense 268,800
Interest expense 25,200
Net income $951,600
The company also reports the following information from the balance sheet:
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October 31, 2022
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October 31, 2021
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Cash
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$ 68,400
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$51,600
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Accounts receivable
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85,200
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116,400
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Inventory
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195,600
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182,400
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Accounts payable
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61,200
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52,800
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Interest payable
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8,400
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6,000
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Wages payable
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12,000
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15,600
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Notes payable
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240,000
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288,000
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Required -
a. Prepare, in good form, the operating section of the statement of cash flow, using the direct method for Moffett Company for October 31, 2022.
b. Prepare, in good form, the operating section of the statement of cash flow, using the indirect method for Moffett Company for October 31, 2022.
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