Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income $280,000 48,000 Depreciation expense Loss on disposal of equipment 19,520 Increase in accounts receivable 17,280 Increase in accounts 8,960 payable Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense Loss on disposal of equipment Changes in current operating assets and liabilities: Increase in accounts receivable Increase in accounts payable Net cash flow from operating activities Feedback Check My Work Consider the effect that each item has on cash. Would the transaction have affected cash at all? How would the increase or decrease in current operating assets and liabilities affect cash