Exercise 12-5 (Algo) Indirect: Cash flows from operating activities LO P2 Fitz Company reports the...
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Exercise 12-5 (Algo) Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 373,080 Accounts receivable decrease $ 27,200 Depreciation expense 49,600 Inventory decrease 50,000 Amortization expense 7,700 Prepaid expenses increase 5,800 Gain on sale of plant assets 7,700 Accounts payable decrease 9,700 Salaries payable increase 2,500 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities
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