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Exercise 12-5 Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following...

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Accounting

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Exercise 12-5 Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information 2.22 Selected Annual Income Statement Data Net Income $370,000 Depreciation expense 46.800 Amortization expense 7.300 Gain on sale of plant assets 8.000 Selected Year-End Balance Sheet Data Accounts receivable decrease $75,000 Inventory decrease 43,500 Prepaid expenses increase 5,100 ecounts payable decrease 10, 700 Salaries payable increase 2.100 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

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