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Nanning Company reports net income of $96,300. The accounting records reveal Depreciation Expense of $51,100 as well as Increases in Prepaid Rent, Accounts Payable, and
Nanning Company reports net income of $96,300. The accounting records reveal Depreciation Expense of $51,100 as well as Increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $39,100,$23,800, and $21,400, 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.) Cash Flows from Operating Activities: Net income Net loss Adjustments for noncash effects: Decrease in prepaid rent Depreciation expense Increase in accounts payable Increase in income tax payable Increase in prepaid rent \begin{tabular}{l} Changes in current assets and current liabilities: \\ \hline Decrease in prepaid rent \\ Depreciation expense \\ Increase in accounts payable \\ Increase in income tax payable \\ Increase in prepaid rent \end{tabular}
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