The net income reported on the income statement for the currentyear was $92,000.

Question

The net income reported on the income statement for the currentyear was $92,000. Depreciation recorded on store equipment for theyear amount to $18,600. Balances of the current asset and currentliability accounts at the beginning and end of the year are asfollows:

                                                       End ofYear           Beginning of Year
Cash                                                $46,700                $44,200
A/R(net)                                          $32,300                $31,100
MerchandiseInventory                      $54,800                $56,700
PrepaidExpenses                              $ 4,000                $ 3,500
Accounts Payable (merch. creditors)  $46,000                 $42,900
WagesPayable                                  $21,400                 $23,600

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

Explanation / Answer

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