Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 540,000 341,600 198,400 124,500 41,000 32,900 11,400 $ 21,500 MOSS COMPANY Selected Balance Sheet Information At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable 2021 2020 $ 87,150 27,500 $ 29,300 37,000 62,500 54,600 35,400 28,200 2,300 2,700 Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 41,000 41,000 $ 41,000