Exercise 12-3 (Algo) Indirect: Reporting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses: Salaries expense 73,000 Selected Year-End Balance Sheet Data Accounts receivable decrease Purchased a machine for cash. Salaries payable increase $ 29,000 21,000 29,000 Utilities expense Depreciation expense 30,000 32,800 Interest payable decrease 17,000 Interest expense 8,500 Net loss $ (59,300) Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Revenues. $ 85,000 Expenses: Salaries expense 73,000 Accounts receivable decrease Purchased a machine for cash Salaries payable increase $ 29,000 21,000 29,000 Utilities expense Depreciation expense 30,000 32,800 Interest payable decrease 17,000 Interest expense 8,500 Net loss $ (59,300) Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities