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Question 2 [20 points] The account balances for the noncash current assets and current liabilities...

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Question 2 [20 points] The account balances for the noncash current assets and current liabilities of Callaho Inc are as follows December 31 2015 2014 Accounts receivable 11.000 31,500 Merchandise inventory 43,500 55.000 Prepaid expenses 19,500 41.000 Totals 181,000 127,500 Accounts payable 48,000 38.500 Salaries payable 81,000 71,500 Totals 91.000 110.000 During 2015 Callaho Inc reported depreciation expense of $7,500. All purchases and sales are on account Net income for 2015 was $58,000 Prepare the operations section of the statement of cash flows using the indirect method (select one) Statement of Cash Flows (select one) X X X X X

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