Fitz Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $ 379,000 Accounts receivable decrease 50,000 Inventory decrease 8,200 Prepaid expenses increase 6,100 Accounts payable decrease Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 153,200 50,000 5,900 10,900 2,400

Subject: acounting

very important please be correct

Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $278,700. Depreciation recorded on equipment and a building amounted to $83,300 for the year. 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 $75,250 Cash Accounts receivable (net) Inventories $79,770 95,420 98,440 188,130 169,590 Prepaid expenses 10,460 11,250 Accounts payable (merchandise creditors) Salaries payable 84,050 12,120 89,020 11,090 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. Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: Net income 278.700✔ Adjustments to reconcile net income to…