05.1.1 a. Net cash flows om operating Eivities, $409,000 SHOW ME HOW net income EX 76-6 Cash flows from (used for) operating activities Depreciation recorded on equipment and a building amounted to $150,500 for the year The net income reported on the income statement for the current year was $290$ Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: $117,500 Cash 132.500 Accounts receivable (net) Inventories 291,900 Prepaid expenses 5,600 143,400 Accounts payable (merchandise creditors) Salaries payable 11,300 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. b. If the direct method had been used, would the net cash flows from operating activities have been the same? Explain. End of Year Beginning of Year $135,000 141,100 274.300 7.100 172.400 6,300