MOSS COMPANY Income Statement For Year Ended December 31, 2020 Sales $540,000 Cost of goods sold 341,600 Gross profit 198,480 Operating expenses (excluding depreciation) 124,500 Depreciation expense 41,000 Income before taxes 32,900 Income taxes expense 11,400 Net income $ 21,500 Use the information above to calculate cash flows from operating activities using the indirect method (Amounts to be deducted should be indicated by a minus sign) 21500 Cash flows from operating activities niet income Adjustments to reconcile net income to net cash provided by operating activities Depreciation Accounts receivable decrease Invertory increase Accounts payable increase Income taxes payable decrease $ 41.000 Net cash provided by operating activities 41.000 52 500 $ MOSS COMPANY Income Statement For Year Ended December 31, 2020 Sales $540,000 Cost of goods sold 341,600 Gross profit 198,480 Operating expenses (excluding depreciation) 124,500 Depreciation expense 41,000 Income before taxes 32,900 Income taxes expense 11,400 Net income $ 21,500 Use the information above to calculate cash flows from operating activities using the indirect method (Amounts to be deducted should be indicated by a minus sign) 21500 Cash flows from operating activities niet income Adjustments to reconcile net income to net cash provided by operating activities Depreciation Accounts receivable decrease Invertory increase Accounts payable increase Income taxes payable decrease $ 41.000 Net cash provided by operating activities 41.000 52 500 $