Cash Flows from (Used for) Operating Activities

The net income reported on the income statement for the current year was $137,200. Depreciation recorded on store equipment for the year amounted to $22,600. 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	$55,150		$50,190
Accounts receivable (net)	39,540		37,090
Merchandise inventory	53,990		56,460
Prepaid expenses	6,070		4,770
Accounts payable (merchandise creditors)	51,680		47,480
Wages payable	28,240		31,020

Question Content Area

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.