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$ $406,000$Accounts receivable decrease$ $158,600$Depreciation expense$46,600$Inventory decrease$45,500$Amortization expense$7,500$Prepaid expenses increase$4,900$Gain on sale of plant assets$6,100$Accounts payable decrease$8,800$Salaries payable increase$2,200$

Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December $31.$ Exercise $12-5($Algo$)$ Indirect: Cash flows from operating activities LO P$2$

Fite Company reports the following information.

Use the Indifect 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.