View Policies Current Attempt in Progress The statement of income for Cullumber Ltd., a private company reporting under ASPE, is presented here: CULLUMBER LTD. Statement of Income Year Ended November 30, 2021 Sales $7,600,000 Cost of goods sold 4,450,000 Gross profit Operating expenses 3,150,000 2,040,000 Income from operations 1.110,000 Interest expense Income before income tax 130,000 980,000 Income tax expense 400,000 Net income $580,000 1 3. Additional information regarding 2021: Operating expenses include $74,000 of depreciation expense and a $105.000 impairment loss on property, plant, and equipment 2 Accounts receivable increased by $184,000, Inventory decreased by $60,000. Prepaid expenses related to operating expenses increased by $49,000. 5. Accounts payable to suppliers of inventory decreased by $187,000, Rent payable related to operating expenses decreased by S91.000. Interest payable decreased by $11.000 Deferred revenue received from customers decreased by $21.000 Income tax payable increased by $29.000 4 6. 7. 8 2 (a) Prepare the operating activities section of the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a-signes -15,000 or in parenthesis es. (15,000)) the operating activities section of the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a - signeg.-15,000 or in parenthesis es. (15,000).) CULLUMBER LTD. Statement of Cash Flows (Partial) Year Ended November 30, 2021 Operating activities Net Income Adjustments to reconcile net income to | Question 6 of 8 -12 $ bonlandia