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The income statement of Novak Corp. is presented here. Novak Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7.445,200 Cost
The income statement of Novak Corp. is presented here. Novak Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7.445,200 Cost of goods sold Beginning inventory $2,002,700 Purchases 4.414,000 Goods available for sale 6,416,700 Ending inventory 1,630,700 Total cost of goods sold 4,786,000 Gross profit 2,659,200 Operating expenses Selling expenses 458,000 Administrative expenses 738,200 1.196,200 Net income $1,463,000 Additional information: 1. Accounts receivable decreased $380,000 during the year, and inventory decreased $372.000. 2. Prepaid expenses increased $169,900 during the year. 3. Accounts payable to suppliers of merchandise decreased $342,700 during the year. 4. Accrued expenses payable decreased $106,900 during the year. 5. Administrative expenses include depreciation expense of $117,800. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Novak Corp. using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15.000 or in parenthesis es (15.0001) Novak Corp. Partial Statement of Cash Flows Adjustments to reconcile net income to >> > > > >
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