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The net income reported on the income statement for the current year was $271,517. Depreciation recorded on fixed assets and amortization of patents for the
The net income reported on the income statement for the current year was $271,517. Depreciation recorded on fixed assets and amortization of patents for the year were $31,334 and $11,632, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:
End | Beginning | |
Cash | $48,307 | $68,023 |
Accounts receivable | 120,807 | 107,063 |
Inventories | 108,247 | 86,212 |
Prepaid expenses | 4,352 | 6,444 |
Accounts payable (merchandise creditors) | 52,490 | 60,301 |
What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
$278,704
$316,095
$272,985
$257,507
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