The net income reported on the income statement for the current year was $205,900. Depreciation recorded on equipment and a building amounted to $61,600 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $52,710 $55,870 Accounts receivable (net) 66,840 68,940 Inventories 131,780 118,780 Prepaid expenses 7,330 7,880 Accounts payable (merchandise creditors) 58,880 62,350 Salaries payable 8,490 7,770 Question Content Area 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

Line Item DescriptionAmountAmountCash flows from (used for) operating activities: Decrease in prepaid expensesDepreciationDecrease in inventoriesIncrease in inventoriesNet income$- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: Decrease in accounts payableDecrease in accounts receivableDepreciationIncrease in accounts payableIncrease in accounts receivable- Select - Changes in current operating assets and liabilities: Decrease in accounts receivableDecrease in salaries payableDepreciationIncrease in accounts receivableNet income- Select - Decrease in inventoriesIncrease in accounts receivableIncrease in inventoriesIncrease in prepaid expensesNet income- Select - Decrease in prepaid expensesIncrease in accounts payableIncrease in accounts receivableIncrease in prepaid expensesNet income- Select - Decrease in accounts payableDecrease in salaries payableDepreciationIncrease in accounts payableNet income- Select - Decrease in salaries payableIncrease in accounts receivableIncrease in prepaid expensesIncrease in salaries payableNet income- Select - Net cash flows from operating activitiesNet cash flows used for operating activities $- Select -

Question Content Area