Question - The net income reported on the income statement for the current year was $92,000. Depreciation recorded on store equipment for the year amounted to $18,600. Balance 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 $46,700 $44,200
Account receivable (net) 32,300 31,100
Merchandise inventory 54,800 56,700
Prepaid expenses 4,000 3,500
Accounts payable (merchandise creditor) 46,000 42,900
Wages payable 21,400 23,600
Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.