1. Cash Flows from (Used for) Operating Activities

   The net income reported on the income statement for the current year was $268,500. Depreciation recorded on equipment and a building amounted to $80,300 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	$70,620		$74,150
   Accounts receivable (net)	89,550		91,500
   Inventories	176,550		157,640
   Prepaid expenses	9,820		10,460
   Accounts payable (merchandise creditors)	78,880		82,750
   Salaries payable	11,370		10,310

   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 f67900069042ff2_2
   Adjustments to reconcile net income to net cash flows from (used for) operating activities:
   	fill in the blank f67900069042ff2_4
   Changes in current operating assets and liabilities:
   	fill in the blank f67900069042ff2_6
   	fill in the blank f67900069042ff2_8
   	fill in the blank f67900069042ff2_10
   	fill in the blank f67900069042ff2_12
   	fill in the blank f67900069042ff2_14
   Net cash flows from operating activities		$fill in the blank f67900069042ff2_15

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