The net income reported on the income statement for the

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Reference no: EM13595475

The net income reported on the income statement for the current year was $720,000. Depreciation recoreded on store equipment for the year amounted to $32,700. 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 $78,450 $ 72,300
Accounts receivable(net) $56,250 $ 53,400
Merchandise inventory $76,800 $ 81,330
Prepaid Expenses $ 9,000 $ 6,900
Accounts Payable(merchandise creditors) $73,500 $68,400
Wages Payable $40,200 $44,700

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

Reference no: EM13595475

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