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Current Attempt in Progress Larkspur Company reported net income of $490,000 for the current year. Depreciation recorded on buildings and equipment amounted to $77,000
Current Attempt in Progress Larkspur Company reported net income of $490,000 for the current year. Depreciation recorded on buildings and equipment amounted to $77,000 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 $20,500 $19.600 Accounts receivable 27,000 35,500 Inventory 54,500 60,500 Accounts payable 13,200 17.100 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) LARKSPUR COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to
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