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The income statement of Sarasota Corp. is presented here. Sarasota Corp Income Statement For the Year Ended November 30, 2022 Sales revenue $7,658,800 Cost of
The income statement of Sarasota Corp. is presented here. Sarasota Corp Income Statement For the Year Ended November 30, 2022 Sales revenue $7,658,800 Cost of goods sold Beginning inventory $1,908,900 Purchases 4,403,000 Goods available for sale 6,311,900 Ending inventory 1,576,200 Total cost of goods sold 4,735,700 Gross profit 2,923,100 Operating expenses Selling expenses 449,900 Administrative expenses 702,500 1,152,400 Net income $1,770,700 Additional information: 1. Accounts receivable decreased $380,100 during the year, and inventory decreased $332,700. 2. Prepaid expenses increased $147,900 during the year. 3. Accounts payable to suppliers of merchandise decreased $343,600 during the year. 4. Accrued expenses payable decreased $101,400 during the year. 5. Administrative expenses include depreciation expense of $109,800. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Sarasota Corp., using the indirect method. (Sho Sarasota Corp. Partial Statement of Cash Flows For the Year Ended November 30, 2022 Net Income Adjustments to reconcile net income to
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