The following income statement and information about changes in noncash current assets and current liabilities are reported.
For Year Ended December 31, 2013
Sales $ 2,445,000
Cost of goods sold $1,198,050
Gross profit $1,246,950
Salaries expense $334,965
Depreciation expense $58,680
Rent expense $66,015
Amortization expenses–Patent $7,335
Utilities expense $26,895 $493,890
Gain on sale of equipment $9,780
Net income $ 762,840
Changes in current asset and current liability accounts for the year that relate to operations follow.
Accounts receivable $45,400 increase
Accounts payable $8,050 decrease
Merchandise inventory $37,250 increase
Salaries payable $3,400 decrease
Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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