LO 14-1 Exercise 14-3A Use the indirect method to determine cash flows from operating activities Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's 2017 and 2016 year-end balance sheets: Account Title 2017 $36,000 2,400 600 9.300 4.500 3,600 2016 Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue $37,200 1,800 400 10,400 5,200 5.400 The income statement reported a $1,500 gain on the sale of equipment, an the sale of land, and $3,600 of depreciation expense. Net income for the period was $47,300. $800 loss on Required Prepare the operating activities section of the statement of cash flows Cash Flows from Operating Activities Net Income: 47,300 Add (using the rules in exhibit 14.8, pg. 653) 9 Deduct (using the rules in exhibit 14.8, pg. 653) 10 12 13 14 14-3, 14-8 8 14-11 14-17G READY Tvne here to search