Question - The Income Statement for disclosed the following items for 2015:
|
Depreciation expense
|
22000
|
|
Gain on disposal of equipment
|
10700
|
|
Net Income
|
192000
|
Balances of the current assets and current liability accounts changed between December 31, 2014, and December 31, 2015, as follows:
|
Accounts Receivable
|
3430
|
|
Inventory
|
(1700)*
|
|
Prepaid Insurance
|
(620)*
|
|
Accounts Payable
|
(2300)*
|
|
Income taxes payable
|
490
|
|
Dividends payable
|
410
|
Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.