Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $149,500. Depreciation recorded on store equipment for the year amounted to $24,700. 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 $59,350 $54,600 Accounts receivable (net) 42,550 40,350 Merchandise inventory 58,100 61,430 Prepaid expenses 6,530 5,190 Accounts payable (merchandise creditors) 55,610 51,650 Wages payable 30,390 33,740 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 operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities b. Cash flows from operating activities differ from net income because it does not use the on the income statement when of accounting. For example revenues are recorded