Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $261,700. Depreciation recorded on equipment and a building amounted to $78,200 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $73,010 $75,930 Accounts receivable (net) 92,580 93,700 Inventories 182,530 161,430 10,150 10,710 Prepaid expenses Accounts payable (merchandise creditors) Salaries payable 81,550 84,740 11,750 10,550 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: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Changes in current operating assets and liabilities: Decrease in accounts receivable O i bl Increase in inventories Decrease in prepaid expenses Decrease in accounts payable Increase in salaries payable Net cash flows from operating activities o