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JSW Corp. reported net income on the income statement for the current year of $59,000. Depreciation...

JSW Corp. reported net income on the income statement for the current year of $59,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the cash flows from operating activities section of a statement of cash flows using the indirect method.

End

Beginning

Cash

$65,000

$  70,000

Accounts receivable (net)

70,000

57,000

Inventories

86,000

102,000

Prepaid expenses

4,000

4,500

Accounts payable

(merchandise creditors)

51,000

58,000

Cash dividends payable

4,500

6,500

Salaries payable

6,000

7,500

                                                   Statement of Cash Flows

Cash Flows from Operating Activities:

Net Income, per income statement

$59,000

Add:

Deduct:

Net Cash Flows from Operating Activities

$78,000
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