Cash flows from operating activities—indirect method Obj. 2 Staley Inc. reported the following data:

Net income $396,200 Depreciation expense 61,250 Loss on disposal of equipment 27,600 Increase in accounts receivable 9,000 Increase in accounts payable 3,350 Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method.

AppendixLO1