MOSS COMPANY

Income Statement

For Year Ended December $31,2021$

Sales $ $550,000$

Cost of goods sold $345,600$

Gross profit $204,400$

Operating expenses $($excluding depreciation$)125,500$

Depreciation expense $43,000$

Income before taxes $35,900$

Income taxes expense $12,900$

Net income $ $23,000$

MOSS COMPANY

Selected Balance Sheet Information

At December $3120212020$

Current assets

Cash $ $88,150$ $ $30,300$

Accounts receivable $28,50039,000$

Inventory $63,50054,800$

Current liabilities

Accounts payable $37,40029,200$

Income taxes payable $2,4002,900$

Use the information above to calculate cash flows from operating activities using the indirect method.

Note: Amounts to be deducted should be indicated by a minus sign.