Staley Inc. reported the following data: Net income ........... $280,000 Depreciation expense....... 48,000 Loss on disposal of

Question:

Staley Inc. reported the following data:
Net income ........... $280,000
Depreciation expense....... 48,000
Loss on disposal of equipment... 19,520
Increase in accounts receivable... 17,280
Increase in accounts payable..... 8,960
Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.