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 sold425,000 Wages expense Rent expense Insurance expense Net income $ 700,000 110,000 38,000 15,000 588,000 $112,000 Additional balance sheet information about the company follows. Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable End of Year $56,000 60,000 7,000 22,000 11,000 Beginning of Year s 48,000 66,000 5,000 18,000 15,000 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 Accounts Receivable Inventory Prepaid Insurance Accounts Payable Wages Payable Net Cash Provided by Operating Activities