WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 $7,499,900 Sales revenue Cost of goods sold $1,880,800 Beginning inventory 4,326,200 Purchases Goods available for sale 6,207,000 1,349,800 Ending inventory 4,857,200 Total cost of goods sold 2,642,700 Gross proft 1,094,300 Operating expenses $1,548,400 Net income Additional information: 1. Accounts receivable increased $195,800 during the year, and inventory decreased $531,000. 2. Prepaid expenses increased $172,200 during the year. 3. Accounts payable to suppliers of merchandise decreased $342,100 during the year. 4. Accrued expenses payable decreased $109,700 during the year 5. Operating expenses include depreciation expense of $80,900 Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2 decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) For the Year Ended November 30, 2017 Cash Flows from Operating Activities 1548400 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities v 80900 Depreciation Expense 195800 Increase in Accounts Receivable Decrease in Inventory 531000 Increase in Prepaid Expenses 172200 Decrease in Accounts Payable 342100 Decrease in Accrued Expenses Payable v -533900 1014500 Net Cash Provided by Operating Activities