FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968,
and $9,722, 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
$42,392
$55,782
Accounts receivable
126,305
101,016
Inventories
100,582
80,433
Prepaid expenses
4,060
7,575
Accounts payable (merchandise creditors)
50,302
78,390
What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
Oa. $214,402
Ob. $432,360
Oc. $412,916
Od. $292,338
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