Cash Flows from (Used for) Operating Activities

The net income reported on the income statement for the current year was $119,100. Depreciation recorded on store equipment for the year amounted to $19,700. 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	$48,240		$43,900
Accounts receivable (net)	34,590		32,440
Merchandise inventory	47,230		49,390
Prepaid expenses	5,310		4,170
Accounts payable (merchandise creditors)	45,200		41,530
Wages payable	24,700		27,130

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.

Cash flows from (used for) 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 flows from operating activities $