The net income reported on the income statement for the current year was $262,020. Depreciation recorded on fixed assets and amortization of patents for the year were $36,452 and $10,407, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: EndBeginningCash$63,668$46,686Accounts Receivable122,533102,817Inventories103,58482,828Prepaid Expenses2,7536,144Accounts Payable (merchandise creditors)46,21171,113What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

Statement of Cash Flow Cash flow from operating activities: Net income $262,020…

Answered: The net income reported on the income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The net income reported on the income statement for the current year was $262,020. Depreciation recorded on fixed assets and amortization of patents for the year were $36,452 and $10,407, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

	End	Beginning
Cash	$63,668	$46,686
Accounts Receivable	122,533	102,817
Inventories	103,584	82,828
Prepaid Expenses	2,753	6,144
Accounts Payable (merchandise creditors)	46,211	71,113

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

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