sercise 16-6 Calculating cash flows from operating activities (Indirect method) LOS CHECK FIGURE: Net cash inflow from operating activities = $333 Ilse the following income statement and information about changes in non-cash current assets and current Liabilities to present the cash flows from operating activities using the indirect method: Eyelashes and More Co. Income Statement For Year Ended May 31, 2020 Changes in current asset and current liability ac- counts during the year were as follows: .... Sales...... $2,810 1.419 $1,391 $63 decrease 25 increase 3 increase Accounts receivable..... Inventory Prepaid insurance .............. Accounts payable...................... Accrued liabilities ....................... 15 increase 8 decrease $ 223 1,100 Cost of goods sold... Gross profit Operating expenses: Depreciation expense. Other expenses... Total operating expenses. Loss on sale of long-term investment.... Profit (loss) from operations... ome tax expense.......... 1,323 (21) ofit (Loss). Evercise 16-7 Preparing the statement of cash flows (indirect method) LO2,5, 6