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Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2024 fiscal year was $1,262,000.
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2024 fiscal year was $1,262,000. Depreciation expense of $152,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash:
Increase in accounts receivable | $ 164,000 |
---|---|
Decrease in inventory | 120,000 |
Decrease in prepaid expenses | 74,000 |
Decrease in salaries payable | 42,000 |
Increase in income taxes payable | 56,000 |
Required:
Prepare cash flows from operating activities for 2024.
Note: Amounts to be deducted should be indicated with a minus sign.
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