Curwen Inc. reported net cash flow from operating activities of $357,500 on its statement of cash flows for a recent year ended December 31. The following information was reported in the Cash flows from operating activities section of the statement of cash flows, using the indirect method: Decrease in income taxes payable                  $ 7,700Decrease in inventories                                      19,140Depreciation                                                       29,480Gain on sale of investments                               13,200Increase in accounts payable                              5,280Increase in prepaid expenses                              2,970Increase in accounts receivable                           14,300a. Determine the net income reported by Curwen Inc. for the year ended December 31.b. Briefly explain why Curwen’s net income is different from net cash flow from operating activities.

ences Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income $ 160,000 Accounts receivable increase Inventory decrease Salaries payable increase 100,000 24,000 12,000 $ 24,000 Selected Year-End Balance Sheet Data Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 10,000 16,000 1,000

Apex Company prepared the statement of cash flows shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities:     Net income   $ 40,800 Adjustments to convert net income to cash basis:     Depreciation $ 20,900   Increase in accounts receivable (61,300)   Increase in inventory (25,300)   Decrease in prepaid expenses 10,000   Increase in accounts payable 53,700   Decrease in accrued liabilities (11,200)   Increase in income taxes payable 4,300 (8,900) Net cash provided by (used in) operating activities   31,900 Investing activities:     Proceeds from the sale of equipment 14,900   Loan to Thomas Company (40,400)   Additions to plant and equipment (120,000)   Net cash provided by (used in) investing activities   (145,500) Financing activities:     Increase in bonds payable 89,400   Increase in common stock 40,000   Cash dividends (28,700)   Net cash provided by (used in) financing activities   100,700 Net…

Yeoman Inc. reported the following data: Net income $170,000 Depreciation expense 29,000 Loss on disposal of equipment 11,850 Increase in accounts receivable 10,490 Increase in accounts payable 5,430 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.