P14.3 (LO 2) The income statement of Toby Zed NV is presented here. Additional information: Toby...

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P14.3 (LO 2) The income statement of Toby Zed NV is presented here. Additional information: Toby Zed NV Income Statement For the Year Ended November 30, 2020 Sales revenue 7,500,000 Cost of goods sold Beginning inventory 1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,600,000 Operating expenses 1,150,000 Net income 1,450,000 1. Accounts receivable increased 200,000 during the year, and inventory decreased 500,000. 2. Prepaid expenses increased 175,000 during the year. 3. Accounts payable to suppliers of merchandise decreased 340,000 during the year. 4. Accrued expenses payable decreased 105,000 during the year. 5. Operating expenses include depreciation expense of 85,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Toby Zed, using the indirect method. P14.3 (LO 2) The income statement of Toby Zed NV is presented here. Additional information: Toby Zed NV Income Statement For the Year Ended November 30, 2020 Sales revenue 7,500,000 Cost of goods sold Beginning inventory 1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,600,000 Operating expenses 1,150,000 Net income 1,450,000 1. Accounts receivable increased 200,000 during the year, and inventory decreased 500,000. 2. Prepaid expenses increased 175,000 during the year. 3. Accounts payable to suppliers of merchandise decreased 340,000 during the year. 4. Accrued expenses payable decreased 105,000 during the year. 5. Operating expenses include depreciation expense of 85,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Toby Zed, using the indirect method.