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Selected balance sheet information and the income statement for Fountainhead Corporation for the current year...

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Accounting

Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below.

Selected Balance Sheet Accounts
Prior Year Current Year
Accounts Receivable $ 26,200 $ 18,000
Merchandise Inventory 36,000 39,600
Prepaid Rent 2,600 0
Accounts Payable 20,600 26,800
Salaries and Wages Payable 5,200 7,800

Income Statement
Sales Revenue $ 540,000
Expenses:
Cost of Goods Sold 308,000
Depreciation Expense 36,000
Salaries Expense 54,000
Rent Expense 21,600
Insurance Expense 21,600
Interest Expense 19,800
Utilities Expense 18,000
Net Income $ 61,000

Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.)

References

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