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Nanning Company reports net income of $95,500. The accounting records reveal Depreciation Expense of $50,100 as well as increases in Prepaid Rent, Accounts Payable,
Nanning Company reports net income of $95,500. The accounting records reveal Depreciation Expense of $50,100 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $38,900. $23,300, and $21,200, respectively. Required: Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.) NANNING COMPANY Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities
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