Exercise $12-5($Algo$)$ Indirect: Cash flows from operating activities LO P$2$

Fitz Company reports the following information.

Selected Annual Income Statement Data Selected Year$-$End Balance Sheet Data

Net income $ $379,000$ Accounts receivable decrease $ $29,200$

Depreciation expense $48,200$ Inventory decrease $46,500$

Amortization expense $8,600$ Prepaid expenses increase $5,900$

Gain on sale of plant assets $7,800$ Accounts payable decrease $10,600$

Salaries payable increase $2,500$

Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December $31.$

Note: Amounts to be deducted should be indicated with a minus sign.

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