The net income reported on the income statement for the current year was $295,600. Depreciation recorded on equipment and a building amounted to $88,400 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	$78,630	$81,780
Accounts receivable (net)	99,700	100,920
Inventories	196,580	173,860
Prepaid expenses	10,930	11,530
Accounts payable (merchandise creditors)	87,830	91,270
Salaries payable	12,660	11,370

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, or any negative adjustments.

blank blank Statement of Cash Flows (partial)

Line Item Description	Amount	Amount
Cash flows from (used for) operating activities:
	$- Select -
Adjustments to reconcile net income to net cash flows from (used for) operating activities:
	- Select -
Changes in current operating assets and liabilities:
	- Select -
	- Select -
	- Select -
	- Select -
	- Select -
		$- Select -

Question Content Area

b. If the direct method had been used, would the net cash flows from operating activities have been the same?

NoYes