The net income reported on the income statement for the current year was $259,800. Depreciation recorded on equipment and a building amounted to $77,700 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable End of Year Beginning of Year $69,890 88,620 174,730 9,710 78,070 11,250 $74,080 91,410 157,490 10,450 82,670 10,300 a. Prepare the "Cash flows from (used for) operating activities" section of the 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.

The net income reported on the income statement for the current year was $259,800. Depreciation recorded on equipment and a building amounted to $77,700 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: a. Prepare the "Cash flows from (used for) operating activities" section of the 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. Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: Net income $259,800 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation 77,700 Changes in current operating assets and liabilities: Decrease in accounts receivable Increase in inventories Decrease in prepaid expenses Decrease in accounts payable Increase in salaries payable 2,790 17,240 740 Net cash flows from operating activities