Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current vear was $118,500. Depreciation recorded on store equipment for the year amounted to $19,600, Balances of the current asset and current liability accounts at the beginning and end of the year are as follews: 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 patnents, decreases in cash, or any negative adjustments, Feedsack Theak My Work b. Cash flows from operating activities differs from net income because is does not use the of accounting. For example fevenues are recorded on the income statement when Feachack TCheck My Work Review the definition of sccrual accounting. How does this differ with the concept of cash flow payments and receipts