Reference no: EM132772157
Question - The statement of income for Pharoah Ltd., a private company reporting under ASPE, is presented here:
PHAROAH LTD. Statement of Income Year Ended November 30, 2021
Sales $8,100,000
Cost of goods sold 4,500,000
Gross profit 3,600,000
Operating expenses 2,080,000
Income from operations 1,520,000
Interest expense 105,000
Income before income tax 1,415,000
Income tax expense 310,000
Net income $1,105,000
Additional information regarding 2021:
1. Operating expenses include $76,000 of depreciation expense and a $103,000 impairment loss on property, plant, and equipment.
2. Accounts receivable increased by $189,000.
3. Inventory decreased by $60,000.
4. Prepaid expenses related to operating expenses increased by $45,000.
5. Accounts payable to suppliers of inventory decreased by $182,000.
6. Rent payable related to operating expenses decreased by $94,000.
7. Interest payable decreased by $14,000.
8. Deferred revenue received from customers decreased by $21,000.
9. Income tax payable increased by $23,000.
Required - Prepare the operating activities section of the statement of cash flows, using the indirect method.
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