Question: Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense Gain on disposal of equipment $57,600

items for the year: Depreciation expense Gain on disposal of equipment $57,600

33,600 508,000 Net income The changes in the current asset and liability

Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense Gain on disposal of equipment $57,600 33,600 508,000 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $8,960 Inventory (5,120) Prepaid insurance (1,920) Accounts payable (6,080) Income taxes payable 1,410 Dividends payable 2,200

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