15.06 Cash Flow From Operating Activities - Indirect Method

Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $300,500. Depreciation recorded on equipment and a building amounted to $89,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. b. If the direct method had been used, would the net cash flows from operating activities have been the same