BUS 208-Principles of Accounting II Homework Assignment 5 Chapter 16 The net income reported on the income statement for the current year was $183,000. Depreciation recorded on equipment and a building amounted to $76,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories Prepaid Expenses Accounts Payable (merchandise creditors) Salaries Payable End of Year $ 65,000 75,000 175,600 8,500 75,450 11,500 Beginning of Year 54,500 72,500 165,500 9,200 70,650 8,600 a. Prepare the Cash Flows from 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 flow from operating activities have been the same? Explain.