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  1. business
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  3. problem three the net income reported on an income

PROBLEM THREE The net income reported on an income statement for the current year was...

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Accounting

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PROBLEM THREE The net income reported on an income statement for the current year was $250,000. Depreciation recorded on fixed assets for the year was $60,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Ending $56,000 71,000 140,000 7,800 62,600 4,000 9,000 Beginning Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable Cash dividends payable Salaries payable $59,500 73,400 126,500 8,400 66,400 7,000 8,250 Prepare the cash flows from operating activities section of a statement of cash flov using the indirect method. .If the direct method had been required for this problem, would the net cash flows from operating activities have been the same? Explain

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