The following account balances are for the noncash current assets and current liabilities of Sam's surfboard shop for 2008 and 2009
2008 2009
Accounts Receivable $8000 $20000
Inventory 55000 70000
Prepaid insurance 3000 1000
Accounts Payable 14000 22000
Salaries Payable 4000 2000
In addition, the income statement for 2009 is as follows:
Sales Revenue $800000
cost of goods sold 380000
Gross profit $420000
General and administrative expenses 60000
Depreciation expenses 40000
Total operating expenses $100000
Income before interest and taxes $320000
Interest expense 25000
Income before tax $295000
Income tax expense 88000
Net income $207000
Prepare the operating activities section of the statement of cash flows using the indirect method.