22 Exercise 16-5 Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information 3.44 points Skipped Selected Annual Income Statement Data Net incon $415,000 Depreciation expense 45,800 Amortization expense 8,300 Gain on sale of plant assets 7,800 Selected Year-End Balance Sheet Data Accounts receivable decrease $167,300 Inventory decrease 51,000 Prepaid expenses increase 5,300 Accounts payable decrease 8,900 Salaries payable increase 2,400 eBook Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31, (Amounts to be deducted should be indicated with a minus sign.) Hint Statement of Cash Flows (partial) Cash flows from operating activities Ask Adjustments to reconcile net income to net cash provided by operating activities Print References