Determining Net Cash Flow from Operating Activities Indirect Method [LO4]. Below is an income statement for Newell Products for the year ended December 31, 2014, and a schedule listing the company's current assets and current liabilities at the end of 2013 and 2014: Newell Products Income Statement For the Year Ended December 31, 2014 Sales $ 125,800 Cost of goods sold $ 52,800 Gross profit $ 73,000 Operating expenses: Selling and general expenses $ 11,700 Depreciation expense $ 2,600 $ 14,300 Operating income $ 58,700 Loss on sale of land $ 3,600 Income before taxes $ 55,100 Income tax expense $ 19,285 Net income $ 35,815 Schedule of Current Assets and Current Liabilities 12/31/2013 12/31/2014 Cash $ 12300 $ 14,800 Accounts Receivable $ 3,600 $ 4,600 Inventory $ 5,500 $ 6,100 Prepaid Expenses $ 2,800 $ 2,350 Accounts payable $ 1,530 $ 2,200 Accrued liabilities $ 2,600 $ 1,950.
Required Prepare the operating activities section of the statement of cash flows using the indirect method.