Prepare operating activities section of cash flows statement

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Question - Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's Year 2 and Year 1 year-end balance sheets:

Account Title

Year 2

Year 1

Accounts receivable

$32,993

$39,592

Prepaid rent

1,943

1,700

Interest receivable

364

291

Accounts payable

9,501

11,401

Salaries payable

2,997

3,425

Unearned revenue

2,688

3,584

The income statement reported a $1,820 gain on the sale of equipment, an $900 loss on the sale of land, and $3,700 of depreciation expense. Net income for the period was $53,767.

Required - Prepare the operating activities section of the statement of cash flows.

Reference no: EM132188492

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