The net income reported on the income statement for the current year was $129,100. Depreciation recorded...
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The net income reported on the income statement for the current year was $129,100. Depreciation recorded on store equipment for the year amounted to $21,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash Accounts receivable (net) $52,030 $47,350 37,310 34,990 Inventories 50,940 53,270 Prepaid expenses. 5,720 4,500 Accounts payable (merchandise creditors) Wages payable 48,750 26,640 44,790 29,260 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 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Amount Amount The net income reported on the income statement for the current year was $129,100. Depreciation recorded on store equipment for the year amounted to $21,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash Accounts receivable (net) $52,030 $47,350 37,310 34,990 Inventories 50,940 53,270 Prepaid expenses. 5,720 4,500 Accounts payable (merchandise creditors) Wages payable 48,750 26,640 44,790 29,260 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 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Amount Amount
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