• The income statement and other selected data for Pat Gibson Company are shown below.Using the form on the following page, prepare a partial cash flow statement - just the cash flows from operating activities - using the indirect approach

Pat Gibson Company

Income Statement

For the Year Ended December 31, 2020

Net sales $900,000

Expenses

Cost of goods sold 550,000

Selling and administrative expense 133,000

Total expenses $683,000

Income before income taxes 217,000

Income taxes 65,400

Net income $151,600

Other data:

• Cost of goods sold includes depreciation expense of $20,000.
• Selling and administrative expense includes goodwill amortization of $10,000.
• Increase in accounts receivable, $20,000.
• Increase in accounts payable, $10,000.
• Increase in inventories, $30,000.
• Decrease in income taxes payable, $20,000