The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost...

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The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense $ 93,000 $ 51,875 Salaries expense 6,000 12,000 Net income 69,875 $ 23,125 Partial Balance Sheet Current year Accounts receivable Inventory $ 10,500 13,000 Prior year $ 12,000 8,000 Salaries payable 2,250 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold Depreciation expense $ 93,000 $ 51,875 Salaries expense 6,000 12,000 Net income 69,875 $ 23,125 Partial Balance Sheet Current year Accounts receivable Inventory $ 10,500 13,000 Prior year $ 12,000 8,000 Salaries payable 2,250 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: