Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year Income Statement Data Selected Year-End Balance Sheet Data $29,000 19,000 26,000 15,000 Revenues $110,000 Accounts receivable decrease Purchased a machine for cash Salaries payable increase Other accrued liabilities decrease Expenses Salaries expense Utilities expense Depreciation expense Other expenses 70,000 34,000 31,200 6,800 Net loss $ (32,000) Required 1. Prepare the operating activities section of the statement of cash flows using the indirect method. (Any losses or amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities