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The income statement of Bonita Company is presented here. BONITA COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,564,900 Cost
The income statement of Bonita Company is presented here. BONITA COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,564,900 Cost of goods sold Beginning inventory $1,936,300 Purchases 4,423,500 Goods available for sale 6,359,800 Ending inventory 1,605,000 Total cost of goods sold 4,754,800 Gross profit 2,810,100 Operating expenses Selling expenses 453,000 Administrative expenses 677,200 1,130,200 Net income $1,679,900 Additional information: 1. Accounts receivable decreased $385,000 during the year, and inventory decreased $331,300. 2. Prepaid expenses increased $175,100 during the year. 3. Accounts payable to suppliers of inventory decreased $339,900 during the year. 4. Accrued expenses payable decreased $103,400 during the year. 5. Administrative expenses include depreciation expense of $107,900. 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).)
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