Selected balance sheet information and the income statement for Pioneer Industries for the current year...
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Accounting
Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below.
| Selected Balance Sheet Accounts | ||||||
| Prior Year | Current Year | |||||
| Accounts Receivable | $ | 15,700 | $ | 10,500 | ||
| Inventories | 21,000 | 23,100 | ||||
| Prepaid Rent | 1,100 | 0 | ||||
| Accounts Payable | 11,600 | 14,800 | ||||
| Salaries and Wages Payable | 2,200 | 3,300 | ||||
| Income Statement | ||||
| Sales Revenue | $ | 315,000 | ||
| Expenses: | ||||
| Cost of Goods Sold | 188,000 | |||
| Depreciation Expense | 21,000 | |||
| Salaries Expense | 31,500 | |||
| Rent Expense | 12,600 | |||
| Insurance Expense | 12,600 | |||
| Interest Expense | 11,550 | |||
| Utilities Expense | 10,500 | |||
| Net Income | $ | 27,250 | ||
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.)
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