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Cash flows from used for operating activities indirect method The net income reported on the...

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Cash flows from used for operating activities indirect method The net income reported on the income statement for the current year was 106 800 Depreciation recorded on store equipment for the year amounted to 41 700 Balances of the current asset and current liability accounts at the beginning and end of the year are as follows Cash Accounts receivable net 19 700 54 000 52 000 6 000 18 500 6 400 a Prepare the Cash flows from used for operating activities section of the statement of cash flows using the indirect method Use the minus sign to indicate cash outflows cash payments decreases in cash or any negative adjustments Statement of Cash Flows partial Inventories Prepaid expenses Accounts payable merchandise creditors Wages payable End of Year Beginning of Year 24 100 65 000 47 200 3 250 23 400 4 700 Line Item Description Cash flows from used for operating activities Net income Adjustments to reconcile net income to net cash flows from used for operating activities Depreciation Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventories Decrease in prepaid expenses Increase in accounts payable Decrease in wages payable Amount 106 800 41 700 1 100 X 4 800 2 750 X Amount

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