Below is an income statement for Runner Products for the year ended December 31, 2020,...

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Accounting

Below is an income statement for Runner Products for the year ended December 31, 2020, and a schedule listing the companys current assets and current liabilities at the end of 2019 and 2020:

Runner Products Income Statement For the Year Ended December 31, 2020

Sales

$132,600

Cost of goods sold

55,692

Gross profit

76,908

Operating expenses:

Selling & general expenses

$12,700

Depreciation expense

2,440 15,140

Operating income

61,768

Loss on sale of land

3,688

Income before income tax

58,080

Income tax expense

11,616

Net income

$46,464

Schedule of Current Assets and Current Liabilities

December 31, 2020

December 31, 2019

Cash

$14,000 $12,300

Accounts receivable

4,920 3,830

Inventory

6,240 5,650

Prepaid expenses

2,090 2,600

Accounts payable

2,190 1,480

Accrued liabilities

1,680 2,300

Prepare the operating activities section of the statement of cash flows using the indirect method. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g. -15,000 or parenthesis e.g. (15,000).)

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Runner Products Partial Statement of Cash flows - Indirect method Operating activities $

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