18./5725 The income statement of Joseph NV is presented here. Joseph NV Income Statement For the Year Ended November 30, 2020 Sales revenue 7,200,000 Cost of goods sold Beginning inventory 1,824,000 Purchases 4.224.000 Goods available for sale 6,048.000 Ending inventory 1.344,000 Total cost of goods sold 4.704,000 Gross profit 2.496.000 Operating expenses 1.104.000 Net Income 1,392.000 1975/25 ili Net Income 11,342,000 Additional information: 1. 2. 3. Accounts receivable increased 192,000 during the year, and inventory decreased 480,000 Prepaid expenses increased 168.000 during the year. Accounts payable to suppliers of merchandise decreased 326,400 during the year. Accrued expenses payable decreased 100,800 during the year. Operating expenses include depreciation expense of 81,600, 4. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020. for Joseph, using the indirect method. (Show amounts that decrease cash flow with either a sign eg.-15.000 or in parenthesis eg. (15,000) JOSEPH NV Partial Statement of Cash Flows For the Year Ended November 30, 2020 Cash Flows from Operating Activities Net Income (Los 1392000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 81600 Increase in Accounts Receivable 192000 Decrease in Inventory 480000 Increase in Prepaid Expenses 168000 Decrease in Accounts Payable 326400 Decrease in Accrued Expenses Payable 100800 225600