During the year, Fastfax Company earned net income of $15,000. Beginning and ending balances for the year for selected accounts are as follows:

There were no financing or investing activities for the year. The above balances reflect all adjustments needed to adjust net income to operating cash flows.

Required
Prepare a schedule of operating cash flows using the indirectmethod.

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Account Balance Cash Accounts receivable Inventory Prepaid rent Accumulated depreciation Accounts payable Wages payable Beginning $25,000 18,000 7,000 5,000 20,000 19,000 12,000 Ending $33,000 20,000 6,000 5,600 23,000 18,000 14,000