Question: For the year ended June 30 2014 net income for
For the year ended June 30, 2014, net income for Flake Corporation was $14,800. Depreciation expense was $4,000. During the year, Accounts Receivable increased by $8,800, Inventories increased by $14,000, Prepaid Rent decreased by $2,800, Accounts Payable increased by $28,000, Salaries Payable increased by $2,000, and Income Taxes Payable decreased by $1,200. Use the indirect method to prepare a schedule of cash flows from operating activities.
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