Cash flows from used for operating activities indirect method The income statement disclosed the following items for the year

Question

Cash flows from used for operating activities indirect method The income statement disclosed the following items for the year Depreciation expense Gain on disposal of equipment Net income The changes in the current asset and liability accounts for the year are as follows Increase Decrease 8 960 5 120 1 920 6 080 1 410 2 200 Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable Dividends payable 57 600 33 600 508 000 a Prepare the Cash flows from used for operating activities section of the statement of cash flows using the indirect method Use the minus sign to indicate cash out flows cash payments decreases in cash or any negative adjustm Statement of Cash Flows partial Line Item Description Cash flows from used for operating activities Net income Adjustments to reconcile net income to net cash flows from used for operating activities Depreciation Gain on disposal of equipment Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Amount 000 0000 Amount

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