QS 16-6 (Algo) Indirect: Computing cash from operations LO P2 MISS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excludint depreciation) Depreciation expense Incone before taxes Income taxes expense Net income $ 559,000 361,600 197,400 129,500 51,000 16,900 9.600 $7,300 nes 2020 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 Current assets Cash $92,150 Accounts receivable 32,500 Inventory 67,500 Current liabilities Accounts payable 45,400 Income taxes payable 2.300 $ 34,300 47,000 55,600 33,200 3,700 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign) Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 92,150 $ 34,300 Accounts receivable 32,500 47,000 Inventory 67,500 55,600 Current liabilities Accounts payable 45,400 33,200 Income taxes payable 2,800 3.700 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement fems not affecting cash $ 51,000 Changes in current operating assets and liabilities