Practice Exercise 1 The current sections of Culver Corporation's balance sheets at December 31, 2016 and 2017, are presented here. Culver Corporation's net income for 2017 was $164,934. Depreciation expense was $29,106. 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $113,190 86,240 181,104 29,106 $409,640 106,722 95,942 185,416 23,716 $411,796 Total current assets Current liabilities Accrued expenses payable Accounts payable 16,170 91,630 $107,800 5,390 99,176 104,566 Total current liabilities Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g -15,000 or in parenthesis e.g.(15,000).) Culver Corporation Partial Statement of Cash Flows Adjustments to reconcile net income to RCES Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g 15,000 or in parenthesis e.g. (15,000).) 12 Culver Corporation Partial Statement of Cash Flows view 1 y Study Adjustments to reconcile net income to Onen Show Work Click if you would like to Show Work for this question: Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash used by Financing Activities Net Cash used by Investing Activities Net Cash used by Operating Activities Net Decrease in Cash Net Increase in Cash Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Decrease in Prepaid Expenses Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Increase in Prepaid Expenses Net Income