Question
The net income reported on the income statement for the current year was $299,851. Depreciation recorded...
The net income reported on the income statement for the current year was $299,851. Depreciation recorded on fixed assets and amortization of patents for the year were $37,383 and $11,634, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:
| End | Beginning | |
| Cash | $58,785 | $42,379 |
| Accounts Receivable | 124,832 | 107,634 |
| Inventories | 105,327 | 82,426 |
| Prepaid Expenses | 2,913 | 7,502 |
| Accounts Payable (merchandise creditors) | 51,926 | 61,170 |
What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
a.$304,114
b.$356,998
c.$289,493
d.$308,769
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