E12-11 (Static) Inferring Balance Sheet Changes from the Cash Flow Statement (Indirect Method) LO12-2 A recent statement of cash flows for Colgate-Palmolive reported the following information (dollars in millions): Operating Activities Net income Depreciation Cash effect of changes in Receivables Inventories Other current assets Payables Other $2,554 421 (130) (130) 54 199 Net cash provided by operations (72) $2,896 Source: Colgate-Palmolive Required: Based on the information reported on the statement of cash flows for Colgate-Palmolive, determine whether the following accounts increased or decreased during the period: Receivables, Inventories, Other Current Assets, and Payables. Account Receivables Inventories Other current assets Payables Change