KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $6,570,000 Sales revenue Cost of goods sold Beginning inventory $1,870,000 4,350,000 6,220,000 1,590,000 Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses 4,630,000 1,940,000 Selling expenses 490,000 Administrative 680,000 1,170,000 expenses Net income $770,000 Additional information: 1. Accounts receivable decreased $300,000 during the year 2. Prepaid expenses increased $170,000 during the year 3. Accounts payable to suppliers of merchandise decreased $250,000 during the year 4. Accrued expenses payable decreased $120,000 during the year 5. Administrative expenses include depreciation expense of $60,000 Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, for Kingbird Company, using the indirect method. KINGBIRD COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 ash Flows from Operating Activitie Net Income Adjustments to reconcile net income to $770000 Decrease in Accounts Receivabl