Statement of Cash Flows (Partial Operating Activities) Problem: Hollywood Company reported net income of $775,000 for the current year. Depreciation recorded on buildings and equipment amounted to $160,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Increase / Balance Sheet Amounts End of Year Beg of Year (Decrease) Cash $85,000 $45,000 $40,000 Accounts Receivable $62,000 $85,000 Inventory $65,000 $87,000 Accounts Payable $45,000 $ 60,000 Instructions: Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Hollywood Company Partial Statement of Cash Flows - Operating Activities Cash Flows from Operating Activities Adjustments to reconcile net income to: Net cash provided by Operating Activities: Type correct description for adjustment Type correct description for adjustment Type correct description for adjustment Type correct description for adjustment Type correct description for statement