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  1. business
  2. accounting
  3. method the net income reported on the income state

Method The net income reported on the income statement for the current year was $151,200....

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Accounting

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Method The net income reported on the income statement for the current year was $151,200. Depreciation recorded on store equipment for the year amounted to $24,900. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Accounts payable (merchandise creditors) Wages payable a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. $58,970 42,280 57,730 6,490 55,250 30,190 $54,250 40,090 61,030 5,150 51,320 33,530 Statement of Cash Flows (partial) Cash flows from operating activities: Net income 151,200

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