Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $151,600. Depreciation recorded on store equipment for the year amounted to $25,000. 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 Accounts receivable (net) Inventories $58,670 $53,980 42,070 39,890 57.440 60,730 Prepaid expenses 6,450 5,130 Accounts payable (merchandise creditors) Wages payable 54,970 30,040 51,070 33,360 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) Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in inventories Increase in prepaid expenses Increase in accounts payable Decrease in wages payable Net cash flows from operating activities Feedback