Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $266,500. Depreciation recorded on equipment and a building amounted to $79,700 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 $72,220 $75,830 Accounts receivable (net) 91,570 93,570 Inventories 180,550 161,210 Prepaid expenses 10,040 10,690 Accounts payable (merchandise creditors) 80,670 84,630 Salaries payable 11,630 10,540 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 Increase in inventories Decrease in prepaid expenses Decrease in accounts payable Increase in salaries payable Net cash flows from operating activities