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QS 16-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 520,000 333,600 186,400 122,500 37,000 26,900 8,600 $ 18,300 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 85,150 $ 27,300 Accounts receivable 25,500 33,000 Inventory 60,500 54,200 Current liabilities Accounts payable 31,400 26,200 Income taxes payable 2,100 2,300 Use the information above to calculate cash flows from operating activities using the indirect method. ( should be indicated by a minus sign.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 37,000 Changes in current operating assets and liabilities 37,000 37,000 $