The net income reported on the income statement for the current year was $295,300. Depreciation recorded on fixed assets and amortization of patents for the year were $40,200 and $5,300, respectively. Balances of current asset and current liability accounts at the end and beginning of the year are as follows: EndBeginningCash$50,300$60,300 Accounts receivable112,100108,100 Inventories105,30093,300 Prepaid expenses4,6006,800 Accounts payable (merchandise creditors)75,10089,300 What amount of cash flows from (used for) operating activities is reported on the statement of cash flows prepared by the indirect method?a.$302,800b.$207,400c.$312,800d.$369,000

Cash flows from operating activities is an important section of cash flow statement, which shows all…

Answered: The net income reported on the income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The net income reported on the income statement for the current year was $295,300. Depreciation recorded on fixed assets and amortization of patents for the year were $40,200 and $5,300, respectively. Balances of current asset and current liability accounts at the end and beginning of the year are as follows:

	End	Beginning
Cash	$50,300	$60,300
Accounts receivable	112,100	108,100
Inventories	105,300	93,300
Prepaid expenses	4,600	6,800
Accounts payable (merchandise creditors)	75,100	89,300