Problem 16-1B Preparing the statement of cash flows (indirect method) LO5.6 Problem 16-1B Excel template CHECK FIGURE: Net cash inflow from operating activities $168,168 MED Supplies Inc., a software retailer, recently completed its 2017 operations. The following information is available: MED Supplles Inc. Income Statement For Year Ended December 31, 2017 $1,365,840 624,960 $ 740,880 Sales... Cost of goods sold.. Operating expenses: Depreciation expense . Other expenses..402,696 Total operating expenses . 39,648 Profit from operations. Income taxes.... Profit.. 442,344 $298,536 100,464 $ 198,072 Click here for a description of Table: Problem 16-1B; Income Statement. MED Supplles Inc. Comparative Balance Sheet Information December 31 2017 2016 71,232 ccounts recevable....43,512 52,080 Merchandise iventory.392,784 313,320 236,208 171,360 108,192 68,544 ..86,184 79,800 10,080 15,120 463,680 364,600 Cash $120,792 Equipment.. Income taxes payable