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*Exercise 12-05 (Video) The current sections of Cullumber Company's balance sheets at December 31, 2019 and 2020, are presented here. Cullumber's net income for 2020

*Exercise 12-05 (Video) The current sections of Cullumber Company's balance sheets at December 31, 2019 and 2020, are presented here. Cullumber's net income for 2020 was $150,000. Depreciation expense was $23,000. 2020 2019 Current assets Cash $100,000 $95,000 Accounts receivable 107,000 77,000 Inventory 157,000 171,000 Prepaid expenses 26,000 25,000 Total current assets $390,000 $368,000 Current liabilities Accrued expenses payable $14,000 $8,000 Accounts payable 84,000 95,000 Total current liabilities $98,000 $103,000 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the yea ended December 31, 2020, 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).) Cullumber Company Partial Statement of Cash Flows Adjustments to reconcile net income to TOLST CUITen Haomares Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, 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).) Cullumber Company Partial Statement of Cash Flows Adjustments to reconcile net income toimage text in transcribedimage text in transcribed

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