Cash Flows from Operating Activities eledirect Method The net income reported on the income statement for the current year was $243,400, Depreciation recorded on equipment and a building amounted to $72,800 for the year balances of the current asset and current Mobility accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $64,260 $67,470 Accounts receivable (net) 81,480 83,260 Inventories 160,650 143,440 Prepaid expenses 8,930 9,510 Accounts payable (merchandise creditors) 71,780 75,300 Salaries payable 10,350 9,350 Prepare the "Cash Flows from 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) Che tows from operating activities adjustments to reconcile net income to net cash flow from operating activities: Does is current operating assets and batt: eBook Show Me How Inventories 160,650 143,440 Prepaid expenses 8,930 9,510 Accounts payable (merchandise creditors) 71,780 75,300 Salaries payable 10,350 9,380 a. Prepare the "Cash rows from 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: Adjustments to reconcile net income to net cash Now from operating activities: Changes in current operating assets and liabilities O O HII et cash flow from operating activities 0 the direct method had been used, would the net cash flow from operating activities have been the same