Problem 17-04A (Video) Your answer is partially correct. Try again. The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 $7,700,000 Sales revenue Cost of goods sold Beginning inventory $1,900,000 4,400,000 6,300,000 1,400,000 Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income 4,900,000 2,800,000 1,150,000 $1,650,000 Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WHITLOCK COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2020 $) Cash Flows from Operating Activities 79900 Cash Receipts from Customers 7900000 Less 9 cash payments: To Suppliers -4060000 For Operating Expenses -1300000 -5360000 T Net Cash Provided by Operating Activities A 2540000 25400