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Net income for 2016 is $40,000. Depreciation expense is $20,000. Assume that all sales and all purchases are on accou Required: 1. Prepare the Operating Activities section of the statement of cash flows using the indirect method. Use the minus sign decreases in cash. T CheckMy Work: The indirect method involves reporting net cash flow from operating activities and is computed by adjusting net income to remove the effect of all d past operating cash receipts and payments and all accruals of future operating cash receipts and payments. Some items reported on the income sta use cash, so they need to be adjusted for on the cash flow statement. 2. Net cash infow from operating activities is $ and the primary reason why it is higher than net income is higher amount of net cash inflow from operating activities are