Prepare the Operating Activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash payments, cash outflows, or decreases in cash. Suffolk Company Partial Statement of Cash Flows For the Year Ended December 31, 2017 Cash Provided by Operating Activities
Operating Activities Section—Indirect Method
The following account balances for the noncash current assets and current liabilities of Suffolk Company are available:
| December 31 | |||
| 2017 | 2016 | ||
| $42,990 | $34,940 | ||
| Inventory | 30,020 | 40,050 | |
| Prepaid rent | 17,370 | 14,980 | |
| Totals | $90,380 | $89,970 | |
| Accounts payable | $25,770 | $18,760 | |
| Income taxes payable | 6,210 | 9,840 | |
| Interest payable | 15,190 | 11,520 | |
| Totals | $47,170 | $40,120 |
Net income for 2017 is $35,170.
Required:
1. Prepare the Operating Activities section of the statement of
| Suffolk Company | |
| Partial Statement of Cash Flows | |
| For the Year Ended December 31, 2017 | |
| Cash Provided by Operating Activities | |
| $ | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| $ |
2. Net
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