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QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 530,000 Cost of goods sold 337,600 Gross profit 192,400 Operating expenses (excluding depreciation) 123,500 Depreciation expense 39,800 Income before taxes 29,900 Income taxes expense 9,900 Net income $ 20,000 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 86,150 $ 28,300 Accounts receivable 26,500 35,000 Inventory 61,500 54,400 current abilities Accounts payable 33,400 27,200 Incone taxes payable 2,200 2,500 Use the information above to calculate cash flows from operating activities using the Indirect method (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities Not income Adjustments to reconcile net income to net cash provided by operating activities s 20,000 Luten ELS Cash $ 86,150 $ 28,300 Accounts receivable 26,500 35,600 Inventory 61,500 54,400 Current Liabilities Accounts payable 33,400 27,200 Income taxes payable 2,200 Use the information above to calculate cash flows from operating activities using the Indirect method. (Amounts to be deducted should be indicated by a minus sign) 2,500 5 20,000 Cash flows from operating activities Net Income Adjustments to reconcile net income to not cash provided by operating activities Income statement toms not affecting cash $ 39,000 Changes in current operating assets and liabilities 39,000 50,000 $