Reference no: EM13595475

The net income reported on the income statement for the current year was $720,000. Depreciation recoreded on store equipment for the year amounted to $32,700. 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 $78,450 $ 72,300
• Accounts receivable(net) $56,250 $ 53,400
• Merchandise inventory $76,800 $ 81,330
• Prepaid Expenses $ 9,000 $ 6,900
• Accounts Payable(merchandise creditors) $73,500 $68,400
• Wages Payable $40,200 $44,700

Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.