Cash flows from $($used for$)$ operating activities$-$indirect method

Staley Inc. reported the following data:

Net income

Depreciation expense

Loss on disposal of equipment

Increase in accounts receivable

Increase in accounts payable

$$441,600$

$68,400$

$39,700$

$24,400$

$10,000$

Prepare the "Cash flows from $($used for$)$ 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$)$

Line Item Description

Amount Amount

Cash flows from $($used for$)$ operating activities:

Adjustments to reconcile net income to net cash flows from $($used for$)$ operating activities:

Changes in current operating assets and liabilities: