The net income reported on the income statement for the current year was $215000. Depreciation recorded on plant assets was $34700. Accounts receivable and inventories increased by $1800 and $7700, respectively. Prepaid expenses and accounts payable decreased by $1900 and $11500 respectively. How much cash was provided by operating activities? $195800 $215000 $230600 $249700 Question 48 of 50 > LUITEN HEMPTUS Condensed financial data of Drake Company appear below: 2019 DRAKE COMPANY Comparative Balance Sheet December 31 2020 Assets Cash $41,000 Accounts receivable 75,000 Inventories 120,000 Prepaid expenses 19.000 Investments 100.000 Plant assets 325.000 Accumulated depreciation 165.000) Total $615.000 Liabilities and Stockholder's Equity Accounts payable $93.000 Accrued expenses payable 29.000 Bonds payable 120.000 Common stock 275.000 Retained earning 98.000 $35,000 53,000 132,000 25,000 75,000 250,000 (60,000 $510,000 $75,000 24.000 160.000 170.000 81,000 MacBook Air 3 5 & 7 8. 9 R - S . 275.000 Common stock Retained earnings Total 98,000 $615,000 170,000 81,000 $510,000 DRAKE COMPANY Income Statement For the Year Ended December 31, 2020 $450,000 Sales Less: Cost of goods sold Operating expenses (excluding depreciation) Deprxciation expense Income taxes Interest expense Loss on sale of plant assets Net income $300,000 60,000 17,000 20,000 18,000 3,000 418,000 $32,000 Additional information: 1 New plant assets costing $100,000 were purchased for cash in 2020. 2 Old plant assets costing $25.000 were sold for $10,000 cash when book value was $13,000. Question 48 of 50 -11 10, Loss on sale of plant assets Net Income 3,000 418,000 $32,000 Additional information: 1. New plant assets costing $100,000 were purchased for cash in 2020. 2 Old plant assets costing $25,000 were sold for $10,000 cash when book value was $13,000. Bonds with a face value of $40.000 were converted into $40,000 of common stock, A cash dividend of $15,000 was declared and paid during the year. 5. Accounts payable pertain to merchandise purchases. 3. 4. Prepare a statement of cash flows for the year using the direct method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis es (15,000 DRAKE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020