S 16-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information At December 31 Current assets Cash Accounts receivable Current liabilities Inventory Accounts payable Income taxes payable $525,000 335,600 189,400 123,000 38,000 28,400 9,500 $ 18,900 2021 2020 $.85,650 5 27,800 26,000 34,000 61,000 54,300 32,400 26,700 2,150 2,400 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.) 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 items not affecting cash Changes in current operating assets and liabilities $ 38,000