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Cengage Learning Cengage Learning Cengage Learning CengageNow2] Onlir × engagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocators; assignm Print Item leBook ? Show Me How Calculator Staley Inc. reported the following data Net Income Depreciation expense Loss on disposal of equipment Increase in accounts recelvable Increase in accounts payable $330,000 72,700 31,500 13,000 12,400 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign t adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 330,000 Adjustments to reconcile net income to net cash flow from operating activities 72.700 Loss on disposal of equipment 31,500 Changes in current operating assets and iabilities: 13,000 Increase in accounts payable 12,400 Net cash flow from operating actvities 408.800 | X Ctck My Work t more Check My Work uses remaining All work saved.

Solution

Statement of cash flow Cash flow from operating activities Net income 330,000 Adjustments to reconcile net income to net cash flow from operating activities Depreciation 72,700 loss on disposal of Equipment 31,500 Changes in current operating assets and liabilities increase in account receivable -13,000 increase in accounts payable 12,400 net cash flow from operating activities 433,600