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The income statement of Crane Company is presented here. CRANE COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,463,500 Cost
The income statement of Crane Company is presented here. CRANE COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,463,500 Cost of goods sold Beginning inventory $1,930,200 Purchases 4,481,800 Goods available for sale 6,412,000 Ending inventory 1,568,500 Total cost of goods sold 4,843,500 Gross profit 2,620,000 Operating expenses Selling expenses 445,000 Administrative expenses 708,000 1,153,000 Net income $1,467,000 Additional information: 1. Accounts receivable decreased $382,000 during the year, and inventory decreased $361,700. 2. Prepaid expenses increased $183,900 during the year. 3. Accounts payable to suppliers of inventory decreased $331,300 during the year. 4. 5. Accrued expenses payable decreased $108,900 during the year. Administrative expenses include depreciation expense of $91,400. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Crane Company, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) Adjustments to reconcile net income to < < EA CRANE COMPANY Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to >
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