Which of the following statements is incorrect? Depreciation expense from the income statement accumulates in the accumulated depreciation account on the balance sheet. Accumulated depreciation is added to net income on the statement of cash flows to calculate cash flow from operating activities. The statement of cash flows statement starts with net income for the period. Net income less dividends accumulates in the retained earnings account on the balance sheet. True or false. Based on the information below, cash flow from operating activities is $34, 388