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Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable S 24,800 $17,000 37,400 0 25,200 7,200 34,000 2,400 19,400 4,800 Income Statement Sales Revenue Expenses $510,000 Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 292,000 34,000 51,000 20,400 20,400 18,700 17,000 Net Income S 56,500 Required Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.) FOUNTAINHEAD CORPORATION Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities Changes in current assets and current liabilities 0
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