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insert Page Layout Formulas Data Review View Add-ins Tesm 1T Copy Format Painter Paste Clipboard Alignment 021 P12-3A Prepare the 3 The income statement of Munsun Company is presented here MUNSUN COMPANY Income Statement For the Year Ended November 30, 2017 $7,600,000 Sales revenue Cost of goods sold Beginning inventory $1,900,000 4.400,000 Purchases Goods available for sale 6,300,000 Ending inventory 1600,000 13 14 15 Total cost of goods sold 16 4,700,000 $2,900,000 Gross profit Operating expenses 450,000 Selling expenses Administrative expenses 700,0001.150,000 19 Net income 22 Additional information 231 1 Accounts receivable decreased $380.,000 during the year, and inventory decreased $300,000 s 3 Prepaid expenses increased $150,000 during the year Accounts payable to suppliers of merchandise decreased $350,000 during the year 24 2 264. Accrued expenses payable decreased $100,000 during the year 275. Adminis 28 29 Instructions strative expenses include depreciation expense of $110,000 0 Prepare the operating activities section of the statement of cash flows for the year ended November 30 2 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a" 31 2017, for Munsun Company, using the indirect method 34 35 36 MUNSUN COMPANY al Statement of Cash Elows Partia P12-3A P12-5A P12-6A P12-7A P12-8A P12-68 Ready MUNSUN COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2017 Cash flows from operating activities Value Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Decrease in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Decrease in accrued expenses payable Value Net cash provided by operating activities Value Value Value Value Value