Question 3 of 4 The income statement of Cullumber Company is presented here. Cullumber Company Income Statement For the Year Ended November 30, 2022 Sales revenue $7,451,100 Cost of goods sold Beginning inventory $1,912,300 Purchases 4,389,700 Goods available for sale 6,302,000 Ending inventory 1,591,500 Total cost of goods sold 4,710,500 Gross profit 2,740,600 Operating expenses Selling expenses 453,900 Administrative expenses 701,000 1,154,900 Net income $1,585,700 Additional information: 154 aad4b58 s Classroo... - Graded Homework Question 3 of 4 - / Operating expenses Selling expenses Administrative expenses Net income 453,900 701,000 1,154,900 $1,585,700 Additional information: 1. 2. 3. Accounts receivable decreased $377,500 during the year, and inventory decreased $320,800. Prepaid expenses increased $148,900 during the year. Accounts payable to suppliers of merchandise decreased $353,900 during the year. Accrued expenses payable decreased $101,100 during the year. Administrative expenses include depreciation expense of $110,100. 4. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Cullumber Company, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) Cullumber Company Lab LEM Question 3 of 4 Cullumber Company Partial Statement of Cash Flows Adjustments to reconcile net income to V v V Question 3 of 4 $ > 1 > V > $