The net income reported on the income statement for the current year was $73,600.  Depreciation recorded on store equipment for the year amounted to $27,400.  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                                                          $23,500                    $18,700 Accounts Receivable (net)                         $56,000                    $48,000 Merchandise Inventory                              $35,500                    $40,000 Prepaid Expenses                                       $4750                       $7000 Accounts Payable (merchandise creditors)$21,800                    $16,800 Wages Payable                                           $4,900                      $5,800   Prepare the Cash Flows from (used for) Operating Activities section of the state of cash flows, using the indirect method.  Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Cash Flow from (used for) Operating Activities

The net income reported on the income statement for the current year was $73,600.  Depreciation recorded on store equipment for the year amounted to $27,400.  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                                                          $23,500                    $18,700

Accounts Receivable (net)                         $56,000                    $48,000

Merchandise Inventory                              $35,500                    $40,000

Prepaid Expenses                                       $4750                       $7000

Accounts Payable (merchandise creditors)$21,800                    $16,800

Wages Payable                                           $4,900                      $5,800

 

Prepare the Cash Flows from (used for) Operating Activities section of the state of cash flows, using the indirect method.  Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

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