Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $23,500 $18,7001 Inventory Accounts receivable (net) Prepaid expenses 56,000 48,000 35,500 40,000 4,750 7,000 Accounts payable (merchandise creditors) 21,800 16,800 Wages payable 4,900 5,800 a. 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 Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities Changes in current operating assets and abilities: Check My Work 5 more Check My Work uses remaining 000 Previous Next 642 PM 20 82F 4