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Skysong Company reported net income of $350,000 for the current year. Depreciation recorded on buildings and equipment amounted to $92,000 for the year. Balances of

Skysong Company reported net income of $350,000 for the current year. Depreciation recorded on buildings and equipment amounted to $92,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $25,000 $18,000 Accounts receivable 16,000 35,000 Inventory 57,500 68,500 Prepaid insurance 8,500 5,800 Accounts payable 14,800 18,700 Income taxes payable 910 1,360 Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) SKYSONG COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to $

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