The net income reported on the income statement for, Accounting Basics

The net income reported on the income statement for

The net income reported on the income statement for thecurrent year was $167,900. Depreciation recorded on equipmentand a building amounted to $41,300 for the year. Balances onthe current asset and current liability accounts at the beginningand end of the year are as follows:

                                                     Endof theyear    Beginningof the year
Cash                                  $27,900    $30,900
Accounts receivable(net)        75,100               70,250
Inventories    120,400    110,900
Prepaidexpenses    5,800                 6,000
Accounts payable (merchandisecreditors)     67,200    65,300
Salariespayable                                         7,150               7,950

INSTRUCTIONS:

Prepare the cash flowsfrom operating activities section of the statement ofcash flows, using the indirect method.

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Accounting Basics: The net income reported on the income statement for

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Accounting Basics: The net income reported on the income statement for

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