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The income statement of Pina Colada Corp. is presented here. Pina Colada Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,463,500

The income statement of Pina Colada Corp. is presented here.

Pina Colada Corp. Income Statement For the Year Ended November 30, 2022

Sales revenue

$7,463,500

Cost of goods sold

Beginning inventory

$2,030,200

Purchases

4,481,800

Goods available for sale

6,512,000

Ending inventory

1,768,500

Total cost of goods sold

4,743,500

Gross profit

2,720,000

Operating expenses

Selling expenses

448,000

Administrative expenses

705,000

1,153,000

Net income

$1,567,000

Additional information:

1. Accounts receivable decreased $405,000 during the year, and inventory decreased $261,700.
2. Prepaid expenses increased $183,900 during the year.
3. Accounts payable to suppliers of inventory decreased $331,300 during the year.
4. Accrued expenses payable decreased $108,900 during the year.
5. Administrative expenses include depreciation expense of $111,400.

Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Pina Colada Corp., using the indirect 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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