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Exercise 12-4 (Algo) Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end information is provided. $ 1,963,000 961,870 1,001, 130 BONAD COMPANY Income statement Tor Year Ended December 31 Sales Coat of goods sold Grow Provit Operating expenses Salaries expense $ 268,931 Depreciation expense 47,112 Rent expense 53,001 Amortization expenses-Patents 5,089 Utilities expense 21.595 Gain on sale of equipment Net Income 396,526 604,604 7.852 $ 612,456 $ 10,050 decrease Accounts receivable $ 21,450 increase Accounts payable Inventory 34,600 increase salaries payable 2,650 decrease Prepare the operating activities section of the statement of cash flows using the Indirect method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is complete but not entirely correct. Statement of Cash Flows (partial) Cash flows from operating activities Net income $ Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Amortization expense--Patents Gain on sale of equipment 612.456 47,112 5,889 (7,852) Changes in current operating assets and abilities Increase in accounts receivable Increase in inventory Decrease in accounts payable Decrease in salaries payable 21,4503 34,000 10.050 2,650 Net cash provided by operating activities 2 $ 728 355