Cash Flows from Operating ActivitiesIndirect Method

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. 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 Changes in current operating assets and liabilities: Net cash flow from operating activities