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The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation
The current sections of Novak Corp.'s balance sheets at December 31, 2019 and 2020, are presented here. Novak's net income for 2020 was $154,700. Depreciation expense was $23,000. Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $154,700 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Decrease in Inventory Increase in Prepaid Expenses Increase in Accrued Expenses Payable Decrease in Accounts Payable Net Cash Provided by Operating Activities \begin{tabular}{|r|r} \hline 5600 \\ \hline \end{tabular} 13300 \begin{tabular}{|l|r} \hline 1100 \\ \hline \end{tabular} 5600 10300
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