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Teal Mountain Company reported net income of $420,000 for the current year. Depreciation recorded on...

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Accounting

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Teal Mountain Company reported net income of $420,000 for the current year. Depreciation recorded on buildings and equipment amounted to $89,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable End of Year Beginning of Year $20,000 $17,500 17,000 32,000 59,000 60,500 7,700 5,400 10,700 19,600 750 1,500 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) $ $ TEAL MOUNTAIN COMPANY Partial Statement of Cash Flows Net Income /(Loss) Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense Decrease in Accounts Receivable Decrease in Inventory Increase in Prepaid Insurance Decrease in Accounts Payable Decrease in Income Taxes Payable Net Cash Used by Operating Activities $

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