Cash flows from (used for) operating activities-indirect method The net income reported on the income statement...

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Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $119,900. Depreciation recorded on store equipment for the year amounted to $19,800, 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 $46,160 $42,010 Accounts receivable (net) 33,100 31,050 Inventories 45,190 47,260 Prepaid expenses 5,080 3,990 Accounts payable (merchandise creditors) Wages payable 43,250 23,630 39,740 25,960 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 cutflows, cash payments, decreases in cash, or any negative adjustments Statement of Cash Flows (partial) Line Item Description 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: Amount Amount 0 0 0332 Next b. Cash flows from operating activities differs from net income because it does not use the L of accounting. For example revenues are recorded on the income statement when Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $119,900. Depreciation recorded on store equipment for the year amounted to $19,800, 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 $46,160 $42,010 Accounts receivable (net) 33,100 31,050 Inventories 45,190 47,260 Prepaid expenses 5,080 3,990 Accounts payable (merchandise creditors) Wages payable 43,250 23,630 39,740 25,960 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 cutflows, cash payments, decreases in cash, or any negative adjustments Statement of Cash Flows (partial) Line Item Description 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: Amount Amount 0 0 0332 Next b. Cash flows from operating activities differs from net income because it does not use the L of accounting. For example revenues are recorded on the income statement when