ACC557-The income statement of whitlock company

The income statement of whitlock company is presented hereWhitlock companyincome statementfor the year ended November 30,2015sales revenue 7,700,000cost of goods soldbeginning inventory $1,900,000purchases $4,400,000goods available for sale 6,300,000ending inventory 1,400,000Total cost of goods sold 4,900,000gross profit 2,800,000operating expenses 1,150,000net income 1,650,0001. accounts receivable increased $200,000 during the year, and inventory decreased $500,0002. prepaid expenses increased $150,000 during the year3. accounts payable to suppliers of merchandise decreased $340,000 during the year4. accrued expenses payable decreased $100,000 during the year5 operating expenses include depreciation expense of $70,000Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2015 for Whitlock Company, using the indirect method.

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