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

The net income reported on the income statement for the current year was $$139,300.$ Depreciation recorded on store equipment for the year amounted to $$23,000.$ 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 $$56,420$ $$51,340$

Accounts receivable $($net$)40,45037,940$

Inventories $55,24057,760$

Prepaid expenses $6,2104,880$

Accounts payable $($merchandise creditors$)52,87048,570$

Wages payable $28,89031,730$

Question Content Area

a$.$ 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 outflows, cash payments, decreases in cash, or any negative adjustments.

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Statement of Cash Flows $($partial$)$

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

$$-$ Select $-$

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

$-$ Select $-$

Changes in current operating assets and liabilities:

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

Question Content Area

b$.$ Cash flows from operating activities differs from net income because it does not use the

of accounting. For example revenues are recorded on the income statement when

$.$