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Electronic Wonders reports net income of $96,400. The accounting records reveal Depreciation Expense of $51,500 as well as increases in Prepaid Rent, Accounts Payable, and
Electronic Wonders reports net income of $96,400. The accounting records reveal Depreciation Expense of $51,500 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $39,400, $24,400, and $21,700, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to b deducted and negative values should be indicated by minus sign.) ELECTRONIC WONDERS Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities
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