166 3 points Exercise 16-5 (Algo) Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information. Selected Annual Income Statement Data Net Income Depreciation expense Amortisation expense Boos Gain on sale of plant assets: Hint 46,400 Inventory decrease Selected Year-End Balance Sheet Data $504,000 Accounts receivable decrease $120,100 46,500 6,900 8,600 1,300 7,900 Prepaid expenses increase 7,900 Accounts payable decrease i Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial), Drink References 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