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The net income reported on the income statement for the current year was $106,800. Depreciation recorded on store equipment for the year amounted to
The net income reported on the income statement for the current year was $106,800. Depreciation recorded on store equipment for the year amounted to $41,700. 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) $24,100 $19,700 65,000 54,000 Inventories 47,200 52,000 Prepaid expenses 3,250 6,000 Accounts payable (merchandise creditors) 23,400 18,500 4,700 6,400 Wages payable a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method.
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