Exercise 12-5 (Algo) Indirect: Cash flows from operating activities LO P2 Fitz Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Book Gain on sale of plant assets Hint Selected Year-End Balance Sheet Data $ 376,000 Accounts receivable decrease 48,800 Inventory decrease 7,500 Prepaid expenses increase 6,300 Accounts payable decrease Salaries payable increase $ 72,700 47,000 7,000 9,400 1,300 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Ask Cash flows from operating activities References Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Mc Graw Changes in current operating assets and liabilities $ 0