Net Cash Flow from Operating Activities (Indirect Method) Lincoln Company owns no plant assets and reported the following income statement for the current year- Sales Cost of goods sold $470,000 $810,000 Wages expense 110,000 Rent expense 42.000 Insurance expense 15,000 637,000 Net Income $173.000 Additional balance sheet information about the company follows. End of Year Beginning of Year Accounts receivable $54,000 $49,000 Inventory 60.000 65.000 Prepaid insurance 10,000 7,000 Accounts payable 22.000 17,000 Wages payable 4,000 11.000 13 Use the information to calculate the net cash flow from operating activities under the indirect method. Use negative signs with answers to show a decrease in cash. Net income Add (Deduct) Items to Convert Net Income to Cash Basis $ 0 Accounts Receivable Inventory Prepaid insurance Accounts Payable Wages Payable Net Cash Provided by Operating Activities Check 0 1000