Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $137,500. Depreciation recorded on store equipment for the year amounted to $22,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:   End of Year Beginning of Year Cash $53,350   $48,550   Accounts receivable (net) 38,250   35,880   Merchandise inventory 52,230   54,620   Prepaid expenses 5,870   4,610   Accounts payable (merchandise creditors) 49,990   45,930   Wages payable 27,320   30,000   a.  Prepare the Cash Flows from (used for) 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.

Cash flows from (used for) operating activities-indirect method The income statement disclosed the following items for the year: Depreciation expense Gain on disposal of equipment Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) $8,960 (5,120) (1,920) (6,080) 1,410 2,200 Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable Dividends payable $57,600 33,600 508,000 a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Line Item Description Cash flows from (used for) operating activities: ▾ Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: b. Why is net cash flows from operating…

Apex Company prepared the statement of cash flows for the current year that is shown below: Apex CompanyStatement of Cash Flows—Indirect Method Operating activities:     Net income   $ 40,400 Adjustments to convert net income to cash basis:     Depreciation $ 20,200   Increase in accounts receivable (60,900)   Increase in inventory (25,100)   Decrease in prepaid expenses 9,600   Increase in accounts payable 53,700   Decrease in accrued liabilities (10,500)   Increase in income taxes payable 4,300 (8,700) Net cash provided by (used in) operating activities   31,700 Investing activities:     Proceeds from the sale of equipment 15,200   Loan to Thomas Company (41,100)   Additions to plant and equipment (121,100)   Net cash provided by (used in) investing activities   (147,000) Financing activities:     Increase in bonds payable 89,700   Increase in common stock 39,300   Cash dividends (29,600)   Net cash provided by (used in) financing…

Cash Flows from Operating Activities—Indirect Method Selected data derived from the income statement and balance sheet of National Beverage Co. for a recent year are as follows: Income statement data (in thousands):   Net income $149,774 Loss on disposal of property (149) Depreciation expense 13,226 Other items involving noncash expense 837 Balance sheet data (in thousands):   Increase in accounts receivable 13,041 Increase in inventory 7,565 Increase in prepaid expenses 10,548 Increase in accounts payable and other current liabilities 17,464 Question Content Area a.  Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method for National Beverage Co. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Enter the amounts in thousands of dollars, as shown above. National Beverage Co.Cash Flows from Operating Activities(in thousands)…