cash flows

Project Description:

the net income reported on the income statement for the current year was $180,000. depreciation recorded on equipment and a
building amounted to $67,500 for the year. balances 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 $ 56,000 $ 59,500
accounts receivable (net) 68,500 73,400
inventories 150,500 117,800
prepaid expenses 7,100 9,300
accounts payable (merchandise creditors) 60,150 67,500
salaries payable 9,600 8,300
a. prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.
b. if the direct method had been used, would the net cash flow from operating activities have been the same? explain
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