Cash flows from operating activities - indirect method
Salem Inc. reported the following data:
|
Net income
|
$168,750
|
|
Depreciation expenses
|
18,750
|
|
Gain on disposal of equipment
|
15,375
|
|
Decrease in accounts receivable
|
10,500
|
|
Decrease in accounts payable
|
2,700
|
Prepare the Cash Flows from operating Activities section of the statement of cash flows using the indirect method.