Income Statement
For the Year Ended November 30, 2025
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 inventory 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, 2025, for Oriole Company,
using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
