Cash Flows bam (set hr) Operating Artvibes The net income reported on the income statement for the current year was $124,000. Depreciation recorded on store equipment for the year amounted to $20,500. Balances of the current asset and current liablity accounts at the beginning and end of the year are is flows Cash Accunda evabe (et) Merchandise inventory x Accounts payable (men) End Beginning of Year 148.990 $45,060 35,120 33,300 47,950 50,490 5,390 4,200 45,890 42,630 25,000 37,850 Prepare the Cash Flows from (sed to) Operating Activities section of the cement of cash, ung the indirect method. Use the minu Statement of Cash Flow() Cash fus from sperating Sarnico A Cathe and deces in the current asset/lability accounts over the period Determine what affect these changes cash outhows, cash payments, decreases in cash, or any negative Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $124,000. Depreciation recorded en store equipment for the year amounted to $20,500 Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End- of Year Beginning of Year Cash $48.980 $45,060 Accounts receivable (net) 35,120 33.300 Merchandise inventory 47,950 50,690 Prepaid expenses 5,390 4,280 Accounts payable merchandise creditors) 45,090 42,630 Wages payable 25,000 27,850 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments Statement of Cash Flows (partial) Cash flows from operating activities bat incunt Adjustments to reconcile net income to net cash flows from (used for) operating activities 124000 Changes in current operating assets and lanes fet cash flow from sperating activities F 0 00000