PA12-2 Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2 6 The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below 1.5 points Incone Statenent $47,680 Sales Revenue Expenses 20,500 1,900 8,900 4,400 1,850 1,750 1,350 5 6,950 Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense . Insurance Expense Interest Expense Utilities Expense Net Income Selected Balance Sheet Accounts References Beginning Ending Balances Balances s 565 590 Accounts Receivable Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable 715 470 21 30 49 16 425 27 26 78 Required Prepore the cash nows from operating activities section of the statement of cash flows using the indirect method (Amounts to be deducted should be indicated with a minus sign) DIRECT PRODUCTS COMPANY Statement of Cash Flows (Partial) 49 16 Required: Prepare the cash flows from operating activites section of the statement of cash flows using the indirect method (Amounts to be deducted should be indicated with a minus sign.) DIRECT PRODUCTS COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31 Cash Flows from Operating Activities Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Total Adjustments