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The income statement of Metlock, Inc. is presented here. Metlock, Inc. Income Statement For the Year Ended November 30, 2022 $7,425,500 Sales revenue Cost of
The income statement of Metlock, Inc. is presented here. Metlock, Inc. Income Statement For the Year Ended November 30, 2022 $7,425,500 Sales revenue Cost of goods sold Beginning inventory $2,014.300 Purchases 4,345,900 Goods available for sale 6,360,200 Ending inventory 1,768,200 Total cost of goods sold 4,592.000 Gross profit 2,833,500 Operating expenses Selling expenses 443,000 Administrative expenses 673.000 1,116,000 Net income $1,717,500 Additional information: 1. Accounts receivable decreased $382,400 during the year, and inventory decreased $246,100 Prepaid expenses increased $176,200 during the year. 2. Additional information: 1. Accounts receivable decreased $382,400 during the year, and inventory decreased $246,100. 2. 3. Prepaid expenses increased $176,200 during the year. Accounts payable to suppliers of inventory decreased $341,100 during the year. Accrued expenses payable decreased $104,900 during the year. Administrative expenses include depreciation expense of $105,600. 4. 5. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Met the indirect method. (Show amounts that decrease cash flow with either a - signe.g.-15,000 or in parenthesis e.g. (15,000).) Metlock, Inc. Statement of Cash Flows (Partial) - Indirect Method $ Adjustments to reconcile net income to
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