Instructions The net income reported on the income statement for the current year was $346,400. Depreciation recorded on equipment and a building amounted to $99,330 for the year. 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 Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable $90,570 111,490 222,910 13,500 96,260 15,150 $96,530 119,020 208,840 14,540 103,590 12,980 A. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descripfons list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. B. If the direct method had been used, would the net cash flow from operating activities Check My Work 5 more Check My Work uses remaining. Previous Ne signment Score: 18.18% All work saved Save and Exit Submit Assignment for G Instructions Amount Descriptions d of the ye Amortization of intangible assets Decrease in accounts payable Year 0,570 1,490 2,910 3,500 6,260 5,150 Decrease in accounts receivable Decrease in inventories Decrease in prepaid expenses Decrease in salaries payable Depreciation Increase in accounts payable Increase in accounts receivable Increase in inventories Increase in prepaid expenses Increase in salaries payable Net cash flow from operating activities Net cash flow used for operating activities Net income section of the Refer to the A oices for text e reases in cash a cash flow from op Net loss Check My Work 5 more Check My Work uses remaining. signment Score: 18.18% All work saved Save and Frit sh flows from operating activities-indirect method Statement of Cash Flows-Operating Activities Statement of Cash Flows (partial) 1Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: s Changes in current operating assets and liabilities: 10 eck My Work 5 more Check My Work uses remaining Previous Next ent Score: 18.18% All work saved. Save and Exit Submit Assignment for Grading statement of Cash Flows-Operating Activities Final Question o B. If the direct method had been used, would the net cash flow from operating activities have been the same? no ck My Work 5 more Check My Work uses remaining. Previous Next All work saved. nt Score: 18.18% Save and Exit Submit Assignment for Gradin