Cash Flows from (Used for) Operating Activities

The net income reported on the income statement for the current year was $242,800. Depreciation recorded on equipment and a building amounted to $72,600 for the year. 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	$60,940		$63,380
Accounts receivable (net)	77,270		78,210
Inventories	152,350		134,750
Prepaid expenses	8,470		8,940
Accounts payable (merchandise creditors)	68,070		70,730
Salaries payable	9,810		8,810

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 (used for) operating activities:
	$fill in the blank 923900f3a03efca_2
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
	fill in the blank 923900f3a03efca_4
Changes in current operating assets and liabilities:
	fill in the blank 923900f3a03efca_6
	fill in the blank 923900f3a03efca_8
	fill in the blank 923900f3a03efca_10
	fill in the blank 923900f3a03efca_12
	fill in the blank 923900f3a03efca_14
Net cash flows from operating activities		$fill in the blank 923900f3a03efca_15

b. If the direct method had been used, would the net cash flow from operating activities have been the same?