Exercise 122 Presented below is the income statement of Cowan, Inc.: $385,600 221,000 $164,600 81,200 83,400 26,900 56,500 Sales revenue Cost of goods sold Gross proft Operating expenses Income before income taxes Income taxes Net income In addition, the following information related to net changes in working capital is presented: Debit Credit $14,600 21,100 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,100 7,000 15,300 2,700 The company also indicates that depreciation expense for the year was $18,200 and that the deferred tax liability account increased $ Prepare a schedule computing the net cash flow from operating activities by using the indirect method that would be shown on a stater parenthesis e.g. (10,000).) Cowan, Inc. Statement of Cash Flows (Partial) (Indirect Method) Adjustments to reconcile net income to t Time: 10:38 AM/ Remaining: 55 min. Prepare a schedule computing the net cash flow from operating activities by using the indirect met parenthesis e.g. (10,000).) Cowan, Inc Statement of Cash Flows (Partial) (Indirect Method) Adjustments to reconcile net income to Prepare a scheude computing the et cas ow from operaning dis y un h n d that oud o a stahemert ofs Cowan, Inc Statement of Cash Flows (Partial) Direct Method