Question: likewise, accounting help please. Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $245,000. Depreciation

likewise, accounting help please.
likewise, accounting help please. Cash Flows from Operating Activities-Indirect Method The net
income reported on the income statement for the current year was $245,000.

Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $245,000. Depreciation recorded on equipment and a building amounted to $73,300 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $68,110 $72,200 Accounts receivable (net) 86,360 89,090 Inventories 170,280 153,500 Prepaid expenses 9,470 10,180 Accounts payable (merchandise creditors) 76,080 80,580 Salaries payable 10,970 10,040 a. Prepare the Cash Flows from Operating Activities" section of the statement of cash lows, using the Indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cath, or any negative adjustments Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities Changes in current operating assets and liabilities: a. Prepare the "Cash Flows from Operating Activities section of the statement of cash flows, using the Indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and abilities: Net cash flow from operating activities b. If the direct method had been used, would the net cash flow from operating activities have been the same

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