The income statement for Weinberg Chemical Supply is as follows: Weinberg Chemical Supply Income Statement For the

Question:

The income statement for Weinberg Chemical Supply is as follows:
Weinberg Chemical Supply
Income Statement
For the Year Ended December 31, 2011
Sales .................... $1,025,000
Less:
Cost of goods sold .............. (620,000)
Depreciation expense ............ (65,000)
Amortization of patent ........... (6,500)
Wages expense .............. (61,000)
Insurance expense ............... (12,000)
Income before taxes ............ 260,500
Less income taxes ............. (91,175)
Net income ................. $ 169,325
Other information is as follows:
1. decreased by $13,000 during the year.
2. increased by $6,500.
3. Wages payable had a balance of SO at the beginning of the year; at the end of the year, the balance was $4,300.
4. Prepaid insurance increased by $7,500 during the year.

Required
Prepare a schedule that shows the operating cash flows for the year using the indirect method.

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