Based on the following income statement and balance sheet for Rashid Corporation, determine the cash flows from operating activities using the indirect method Rashid Corp Income statement for year ended dec 31, 2011 Sales 504,000 costs of good sold 327,600 depreication espenses 42,000 other operating expenses 125,500 (495,100) other gains (losses) gain on sale of equipment 7,200 income before taxes 16,100 income tax espense (4,800) Net income $11,300 Rashid corporation balance sheets at dec 31 assets 2011 2010 Cash 64,650 55,800 Accts Receivable 21,000 29,000 Inventory 58,000 52,100 Equipment 240,000 222,000 Accumulated depreciation (106,00) (96,000) Total Assets 277,650 262,900 Liabilities accounts payable 28,400 23,700 income tax payable 1,050 1,200 total liabilities 29,450 24,900 equity common stock 106,000 106,000 contributed capital in excess of par value 18,000 18,000 retained earnings 124,200 114,000 total equity 248,200 238000 total liabilities & equity 277,650 262,900