Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $135,400. Depreciation recorded on store equipment for the year amounted to $22,300. 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 $51,590 $47,460 Accounts receivable (net) 36,990 35,070 Inventories 50,510 53,390 Prepaid expenses 5,670 4,510 Accounts payable (merchandise creditors) 48,340 44,900 Wages payable 26,410 29,330 a. 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. Line Item Description Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: b. Cash flows from operating activities differs from net income because it does not use the of accounting. For example revenues are recorded on the income statement when $ Amount Amount