Problem 17-04A (Video) Your answer is partially correct. Try again. The income statement of Whitlock

Problem 17-04A (Video) Your answer is partially correct. Try again. The income statement of Whitlock Company is presented herPrepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease

Problem 17-04A (Video) Your answer is partially correct. Try again. The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 $7,700,000 Sales revenue Cost of goods sold Beginning inventory $1,900,000 4,400,000 6,300,000 1,400,000 Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income 4,900,000 2,800,000 1,150,000 $1,650,000 Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).) WHITLOCK COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2020 $) Cash Flows from Operating Activities 79900 Cash Receipts from Customers 7900000 Less 9 cash payments: To Suppliers -4060000 For Operating Expenses -1300000 -5360000 T Net Cash Provided by Operating Activities A 2540000 25400