Question 1 Not complete Marked out of 5.00 P Flag question Cash Flow from Operating Activities (Indirect Method) The Washington Company owns no plant assets and had the following income statement for the year: $900,000 Sales revenue Cost of goods sold $470,000 Wages expense 120,000 Rent expense 50,000 Insurance expense 15,000 Net income 655,000 $245,000 Additional information about the company includes: Accounts receivable Inventory Prepaid Insurance Accounts payable Wages payable End of Year Beginning of Year 554,000 $51,000 60,000 76,000 8,000 7,000 24,000 18,000 7,000 11,000 Use the preceding information to calculate the cash flow from operating activities using the Indirect method. Use negative signs with cash outflow answers. Cash Flow from Operating Activities Net Income Add (deduct) items to convert net income to cash basis Accounts Receivable Inventory Prepaid Insurance Accounts Payable Wages Payable Cash Provided by Operating Activities Check