Windsor Company reported net income of $280,000 for the current year. Depreciation recorded on buildings and equipment amounted to $73,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:

		End of Year		Beginning of Year
Cash		$28,000		$18,500
Accounts receivable		24,500		35,000
Inventory		59,000		60,500
Accounts payable		10,100		15,700

Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

WINDSOR COMPANY Partial Statement of Cash Flows $