Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 126,600 100,000 Beginning Balance $ 152,250 107,800 134,300 122,500 360,900 382,550 354,000 343,000 118,000 85,750 236,000 $ 596,900 Accounts payable $ 78,400 60,800 147,000 257,250 $ 639,800 $ 139,200 83,100 122,500 147,000 148,000 $ 639,800 Income taxes payable Bonds payable Common stock 171,500 Retained earnings 139,200 Total liabilities and stockholders' equity $ 596,900