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Make the cash flows from operating activities

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Reference no: EM132681236

Question - The net income reported on the income statement for the current year was $825,000. Depreciation recorded on equipment and a building amounted to $90,000 for the year. There was a gain on the sale of assets of $12,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:

End of Year Beginning of Year

Change Cash $89,000 $96,000

Accounts Receivable (net) $111,000 $118,400

Inventories $220,000 $200,000

Prepaid expenses $12,800 $14,000

Accounts payable (merchandise creditors) $95,000 $104,000

Salaries payable $16,000 $13,600

Required - Make the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.

Reference no: EM132681236

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