Pharoah Company Income Statement For the Year Ended November 30, 2022 Sales revenue $7,499,900 Cost of goods sold Beginning inventory $1,980,800 Purchases 4,326,200 Goods available for sale 6,307,000 Ending inventory 1,649,800 Total cost of goods sold 4,657,200 Gross profit 2,842,700 Operating expenses Selling expenses 459.000 Administrative expenses 635,300 1,094,300 Net income $1,748,400 Additional information: Operating expenses Selling expenses 459.000 Administrative expenses 635.300 1,094,300 Net income $1,748,400 Additional information: 1 2. 3. Accounts receivable decreased $391,600 during the year, and inventory decreased $331,000. Prepaid expenses increased $172,200 during the year. Accounts payable to suppliers of merchandise decreased $342.100 during the year. Accrued expenses payable decreased $109,700 during the year. Administrative expenses include depreciation expense of $100,900. 4. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Pharoah Company, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,0001) Pharoah Company Partial Statement of Cash Flows For the Year Ended November 30, 2022 Cash Flows from Operating Activities Net Income $ 1748400 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense