Exercise 12-5

The current sections of Kingbird, Inc.s balance sheets at December 31, 2018 and 2019, are presented here. Kingbirds net income for 2019 was $153,600. Depreciation expense was $23,500.

		2019		2018
Current assets
Cash		$104,600		$98,100
Accounts receivable		108,900		80,100
Inventory		158,600		171,400
Prepaid expenses		26,400		25,100
Total current assets		$398,500		$374,700
Current liabilities
Accrued expenses payable		$14,600		$9,600
Accounts payable		85,200		95,500
Total current liabilities		$99,800		$105,100

Prepare the net cash provided by operating activities section of the companys statement of cash flows for the year ended December 31, 2019, 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).)

Kingbird, Inc. Partial Statement of Cash Flows $ Adjustments to reconcile net income to