Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that follows.
- Balance Sheet Data 2004 2003
- Accounts Receivable $50,000 $40,000
- Inventories 32,000 25,000
- Prepaid Rent 11,000 5,000
- Accounts payable 23,000 20,000
- Salaries payable 19,000 15,000
- Taxes payable 8,000 11,000
- Income Statement Data 2004
- Depreciation Expense 6,000
- Net Income 50,000
Required: Prepare the Operating Activities section of the Statement of Cash Flows for the year ended 2004. Use the INDIRECT Method.