59:50 Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 560,000 349,600 210,400 126,500 45,000 38,900 14,300) $ 24,600 MOSS COMPANY Selected Balance Sheet Information At December 31 Current assets Cash Accounts receivable Current liabilities Inventory Accounts payable Income taxes payable 2021 2020 $ 89,150 $ 31,300 29,500 64,500 41,000 55,000 39,400 30,200 2,500 3,100 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 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 $ 45,000