Statement of Cash Flows-Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $76,370 117,340 167,630 6,830 341,480 (88,780) $620,870 $130,380 0 19,000 300,000 171,490 $93,580 126,160 156,380 Mortgage note payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings Total liabilities and stockholders' equity Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: $620,870 4,740 280,160 (68,710) $592,310 $123,790 177,690 12,000 167,000 111,830 $592,310 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $152,730. b. Depreciation reported on the income statement, $43,320. c. Equipment was purchased at a cost of $84,570, and fully depreciated equipment costing $23,250 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 7,000 shares of common stock were issued at $20 for cash. f. Cash dividends declared and paid, $93,070. Required: Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from operating activities: Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities 15,273 Cash flows from operating activities! Net income Adjustments to reconcile net income to net cash flow from operating activities: Show Me How Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow used for financing activities Cash at the beginning of the year Cash at the end of the year 15,273