Fitz Company reports the following information. Selected Annual Income Statement...
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Accounting
Fitz Company reports the following information.
| Selected Annual Income Statement Data | Selected Year-End Balance Sheet Data | ||||||
| Net income | $ | 388,000 | Accounts receivable decrease | $ | 164,400 | ||
| Depreciation expense | 48,800 | Inventory decrease | 51,500 | ||||
| Amortization expense | 9,000 | Prepaid expenses increase | 4,800 | ||||
| Gain on sale of plant assets | 7,700 | Accounts payable decrease | 9,800 | ||||
| Salaries payable increase | 2,300 | ||||||
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.)
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