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Lone Star Company prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the year ended October 31,
Lone Star Company prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the year ended October 31, 20x2 was $1,257,000. Depreciation expense of $147,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Required: Prepare the cash flows from operating activities section of Lone Star's Statement of Cash Flows for the year ended October 31,202. Do not prepare the investing or financing sections of the statement. (Amounts to be deducted should be indicated with a minus sign.)
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