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 7.100 Salaries expense 11,400 70,275 Net incare $ 16,025 Partial Balance Sheet Accounts receivable Inventory Salaries payable Current Prior year year $10,600 $ 14,900 13,600 9,200 1,720 820 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities