Given the following information and using the indirect method prepare the Cash Flows from Operating Activities section of the statement of cash flows.
|
End of Year
|
Beginning of Year
|
Change
|
|
Cash
|
$ 23,500
|
$ 37,400
|
(13,900)
|
|
Accounts receivable (net)
|
84,500
|
80,350
|
4,150
|
|
Inventories
|
100,200
|
94,300
|
5,900
|
|
Prepaid expenses
|
4,970
|
5,300
|
(330)
|
|
Accounts payable (creditors)
|
71,400
|
68,900
|
2,500
|
|
Salaries Payable
|
5,320
|
6,450
|
(1,130)
|
Net Income reported on the income statement for the current year was $134,800. Depreciation expense recorded on buildings and equipment was $27,400 for the year.