Problem 12-04A The income statement of Sheffield Corp. is presented here. $7,559,400 Sheffield Corp. Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,956,900 Purchases 4,420,500 Goods available for sale 6,377,400 Ending inventory 1,307,700 Total cost of goods sold Gross profit Operating expenses Net income 5,069,700 2,489,700 1,028,400 $1,461,300 Additional information: 1. Accounts receivable increased $201,500 during the year, and inventory decreased $649,200. 2. Prepaid expenses increased $169,300 during the year. 3. Accounts payable to suppliers of merchandise decreased $345,600 during the year. 4. Accrued expenses payable decreased $100,300 during the year. 5. Operating expenses include depreciation expense of $85,000. Prepare the operating activities section of the statement of cash flows using the direct method. Sheffield Corp. Partial Statement of Cash Flows For the Month Ended November 30, 2019 1. Accounts receivable increased $201,500 during the year, and inventory decreased $649,200. 2. Prepaid expenses increased $169,300 during the year. 3. Accounts payable to suppliers of merchandise decreased $345,600 during the year. 4. Accrued expenses payable decreased $100,300 during the year. 5. Operating expenses include depreciation expense of $85,000. Prepare the operating activities section of the statement of cash flows using the direct method. Sheffield Corp. Partial Statement of Cash Flows For the Month Ended November 30, 2019 Cash Flows from Operating Activities Cash Receipts from Customers 7760900 cash payments: $ > Cash Flows from Operating Activities