Operating Cash Flows The income statement for Weinbery Chemical Supply is as follows: Weinberg Chemical Supply Income Statement For the Year Ended December 31, 2017 Sales $ 1,025,000 Less: Cost of goods sold (620,000) Depreciation expense 165,000) Amortization of patent (6,500) Wages expense (61,000) Insurance expense (12,000) Income before taxes 260,500 Less income taxes (91,175) Net income $ 169,325 13,000 6,500 Other information for the year follows is as follows: Accounts receivable decrease Accounts payable increase Wages payable balance, beginning of year Wages payable balance, end of year Increase in prepaid insurance during the year 4,300 7,500 Beowed Prepare a schedule that shows the operating cash flows for the year, using the indirect method Net Income 169,325 Depreciation expense Amorization of patent 65,000 6,500 AIR decrease Prepaid insurance increase AIP increase Increase in wages payable Net cash provided by operating activities (13,000 (7,500) 16,500) (14.300 209525 What-if? Consider the following after you have completed the requirements above A review of the operating activities section of the statement of cash flows statement by the accountant revealed the omission of the following items that had been overlooked. They are: $ Sale of old equipment: Proceeds from sale Accumulated depreciation of equipment sold Original cost of equipment sold Gain on sale of old equipment Sale of land Loss on sale of land Original cost of land 7.100 21,400 26,000 2,500 3,100 75,600 Create a schedule showing the correct operating activities section of the statement of cash flows, using the indirect method. Add/remove non-cash expenses: Change in current accounts: Net cash provided by operating activities