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Question - Lulu Zola Company reported net income of $200,000.00 for the current year. Depreciation recorded on buildings and equipment amounted to $80,000.00 for the year. 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
Cash
$20,000.00
$15,000.00
Accounts receivable
24,000.00
32,000.00
Inventories
50,000.00
65,000.00
Prepaid expenses
7,500.00
5,000.00
Accounts payable
12,000.00
18,000.00
Income taxes payable
1,600.00
1,200.00
Required - Make the cash flows from the operating activities section of the statement of cash flows using the indirect method.
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