The net income reported on the income statement for the current year was $92,000. Depreciation recorded on store equipment for the year amounted to $18,600. 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 |
$46,700 |
$44,200 |
|
Accounts receivable (net) |
32,300 |
31,100 |
|
Merchandise inventory |
54,800 |
56,700 |
|
Prepaid expenses |
4,000 |
3,500 |
|
Accounts payable (merchandise creditors) |
46,000 |
42,900 |
|
Wages payable |
21,400 |
23,600 |
Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.