Cash flows from (used for) operating activities-Indirect method The net income reported on the income statement for the current year was $239,800. Depreciation recorded on equipment and a building amounted to $71,700 for the year. Balances of the current asset and current llability accounts at the beginning and end of the year are as follows: Cash End of Year Beginning of Year $63,310 80,280 158,280 8,800 70,720 10,190 $67,110 Accounts receivable (net) 82,810 Inventories 142,680 Prepaid expenses 9,460 Accounts payable (merchandise creditors) 74,890 9,330 Salaries payable 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. Statement of Cash Flows (partial) Line Item Description Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Amount Amount 00000 b. If the direct method had been used, would the net cash flows from operating activities have been the same?

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