PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 are presented below. come Statement Sales Revenue $ 83,000 Expenses: Cost of Goods Sold 38,500 Depreciation Expense 16,500 Salaries and Wages Expenso 10,500 Rent Expense 3,000 Insurance Expense 1,550 Interest Expense 1.450 Utilities Expense 1,250 Net Income $ 10,250 Selected Balance Sheet Accounts Ending Balances Inventory $455 Accounts Receivable 2.050 Accounts Payable 1,250 Salaries and Wages Payable 500 Utilities Payable 120 Prepaid Rent 70 Prepaid Insurance 60 Beginning Balances $ 540 1.700 1,400 275 0 110 70 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) CALENDARS INCORPORATED 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: Changes in Current Assets and Current Liabilities 0 10,250 $