prepare a schedule that provides the operating cash flows for the year using the indirect method

Instructions Piura Merchandising Corporation Income Statement For the Year Ended December 31, 20X1 Sales $ 1,525,000 Cost of goods sold Beginning inventory $360,000 Purchases 730,000 Ending inventory (245,000) (845,000) Depreciation expense (59,000) Amortization of patent (20,000) Wages expense (62,000) Insurance expense (36,000) Income before taxes $ 503,000 Income taxes (all current) (105,000) Net income $ 398,000 Other information is as follows: A. Accounts payable decreased by $23,000 during the year. B. Accounts receivable increased by $19,500. C. All wages were paid at the beginning of the year, at the end of the year, wages payable had a balance of $10,500. D. Prepaid insurance increased by $21,000 during the year. Prepare a schedule that provides the operating cash flows for the year using the indirect method