10 7.69 points Skipped eBook Hint Exercise 12-4 (Algo) Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end information is provided. Sales SONAD COMPANY Income Statement For Year Ended December 31 $ 2,405,000 1,178,450 Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $ 329,485 1,226,550 57,720 64,935 7,215 26,455 485,810 740,740 9,620 Print Gain on sale of equipment Net income References o Accounts receivable Inventory $ 750,360 $ 13,950 increase Accounts payable 21,725 increase Salaries payable $ 13,375 decrease 3,200 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 0