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The income statement of Cheyenne Corp. is presented here. Cheyenne Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,519,500 Cost of
The income statement of Cheyenne Corp. is presented here. Cheyenne Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,519,500 Cost of goods sold Beginning inventory $1,934,000 \begin{tabular}{lr} Purchases & 4,429,000 \\ \hline Goods available for sale & 6,363,000 \end{tabular} Ending inventory 1,614,200 Total cost of goods sold Gross profit 2,770,7004,748,800 Operating expenses Selling expenses 452,000 Administrative expenses 636,4001,088,400 Net income $1,682,300 1. Accounts receivable decreased $403,600 during the year, and inventory decreased $319,800. 2. Prepaid expenses increased $177,800 during the year. 3. Accounts payable to suppliers of merchandise decreased $330,600 during the year. 4. Accrued expenses payable decreased $107,000 during the year. 5. Administrative expenses include depreciation expense of $117,400. Prepare the operating activities section of the statement of cash flows for the year ended November 30,202 using the indirect method. (Show amounts that decrease cash flow with elther a sign eg. 15,000 or in parenthesi Cheyenne Corp. Partial Statement of Cash Flows Adjustments to reconcile net income to $
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