Income Statement For the Year Ended November 30, 2022 Sales revenue $7,588,700 Cost of goods sold Beginning inventory $2,007,800 Purchases 4,306,600 Goods available for sale 6,314,400 Ending inventory 1,716,300 Total cost of goods sold 4,598,100 Gross profit 2,990,600 Operating expenses Selling expenses 455,000 Administrative expenses 683,800 1,138,800 Net income $1,851,800 Additional information: 1. 2. 3. Accounts receivable decreased $395,200 during the year, and inventory decreased $291,500. Prepaid expenses increased $174,000 during the year. Accounts payable to suppliers of inventory decreased $332,100 during the year. Accrued expenses payable decreased $106,900 during the year. Administrative expenses include depreciation expense of $114,200. 4. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Blue Spruce Corp., using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) Blue Spruce Corp. Statement of Cash Flows (Partial) - Indirect Method $ Adjustments to reconcile net income to $ $ Save for Later Attempts: 0 of 4 used Submit