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The net income reported on the income statement of Hunter, Inc. for the current year was $150,000. Depreciation recorded on the building and equipment amounted
The net income reported on the income statement of Hunter, Inc. for the current year was $150,000. Depreciation recorded on the building and equipment amounted to $45,000 for the year. Balances of the current assets and current liability accounts at the beginning and end of the year are as follows: Cash End of year $42,875 Beginning of year $36,250 Accounts Receivables End of year 147,500 Beginning of year 137,500 Inventories End of year 109,375 Beginning of year 93,750 Prepaid Expenses End of year 9,250 Beginning of year 11,875 Accounts Payable End of year 57,000 Beginning of year 40,000 Salaries Payable End of year 7,625 Beginning of year 10,625 Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method
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