2 question answer give in 10minutes

Question 2 [20 points] The account balances for the moncash current assets and current abilities of Gulf Corp are as follows December 31 2015 2014 Accounts receivable 47,500 34,500 Merchandise inventory 41000 58.500 Prepaid expenses 82,000 68.000 Totals 151,500 165.000 Accounts payable 47000 37,000 Salanes payable 47.500 70.500 Total 120 500 107.500 During 2015 Gulf Corp reported depreciation expense of $750 All purchases and sales are on account Net income for 2015 was $53,000. Prepare the operations section of the statement of cash flows using the indirect method (elec Statement of cash lows SOS AM During 2015 Gulf Corp reported depreciation expense of $7,500 All purchases and sales are on account. Net income for 2015 was $53,000. Prepare the operations section of the statement of cash flows using the indirect method Statement of Cathy Flows X X X X X