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Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $302,500. Depreciation recorded on equipment and a building amounted to $90,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable a. Prepare the "Cash Flows from Operating Activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. End of Year Beginning of Year $81,070 $85,930 102,800 106,040 202,680 182,690 11,270 12,120 90,560 95,900 13,050 11,940 Cash flows from operating activities: Statement of Cash Flows (partial) ▼ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: 00 000
indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Decrease in prepaid expenses Depreciation Increase in inventories Net income me to net cash flow from operating activities: ets and liabilities: Net cash flow from operating activities 00000 b. If the direct method had been used, would the net cash flow from operating activities have been the same?
Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Decrease in accounts receivable Decrease in salaries payable Depreciation Increase in accounts receivable Net cash flow from operating activities b. If the direct method had been used, would the net cash flow from operating activities have been the same?