Indirect method The net income reported on the income statement for the current year was $119,700. Depreciation recorded on store equipment for the year amounted to $19,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $47,040 $43,280 Accounts receivable (net) 33,730 31,980 Inventories 46,050 48,690 Prepaid expenses 5,170 4,110 Accounts payable (merchandise creditors) 44,080 40,940 Wages payable 24,080 26,750 a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial)) Statement of Cash Flows (partial) mount Amount < Line Item Description Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in inventories Increase in prepaid expenses Increase in accounts payable Decrease in wages payable Net cash flows from operating activities Feedback 3:53 PM