Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $132,500. Depreciation recorded on store equipment for the year amounted to $21,900. 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 Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Wages payable $54,060 $49,190 38,760 36,350 52,920 55,340 5,950 4,670 46,530 30,400 50,650 27,680 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 ton indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Line Item Description Statement of Cash Flows (partial) Amount Amount 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: b. Cash flows from operating activities differs from net income because it does not use the are recorded on the income statement when of accounting. For example revenues