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Prepare the cash flows from operating activities

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Reference no: EM13516691

The income statement disclosed the following items for 2008:

Depreciation expense

$ 24,500

Gain on disposal of equipment

10,200

Net income

186,000

Balances of the current assets and current liability accounts changed between December 31, 2007, and December 31, 2008, as follows:

Accounts receivable

$4,400

Inventory

2,000*

Prepaid insurance

800*

Accounts payable

2,700*

Income taxes payable

900

Dividends payable

500

*Decrease

 

Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.

Reference no: EM13516691

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