Ruth Company has provided the following selected account balances at the beginning and end of the year:

Additional Info:
Sales Revenue for the year was $720,000
Net income for the year was $425,000
Depreciation expense for the year was $78,000
Loss on Sale of Equipment was $16,000
Instructions
Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method.

Transcribed Image Text:

End of Year Beginning of Year Cash $20,000 $16,000 Accounts receivable 22,000 35,000 68,000 Inventories 55,000 8,500 Supplies 6,000 Long-Term Investments 19,000 24,000 Building 450,000 374,000 Equipment 375,000 383,000 Accounts payable 12,000 18,000 Notes payable (due in 5 years) 80,000 95,000 Income taxes payable 4,600 1,200 Salaries payable 2,800 1,100