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.)
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