E12-7 (Algo) Reporting Cash Flows from Operating Activities (Indirect Method) LO12-2 The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 86,300 Expenses Cost of goods sold $51,775 Depreciation expense 7,000 Salaries expense 10,700 69, 475 Net income $ 16,825 Partial Balance Sheet Accounts receivable Inventory Salaries payable Current Prior year year $11,500 $ 15,500 12,600 9,900 1,580 910 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. (List cash outflows as negative amounts.) Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. (List cash outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: $ 0