Suppose your company reports $220 of net income and $52 of cash dividends paid, and its comparative balance sheet indicates the following. Beginning Ending
Cash $ 47 $ 267
Accounts Receivable 135 237
Inventory 305 197
Total $ 487 $ 701
Salaries and Wages Payable $ 22 $ 110
Common Stock 160 118
Retained Earnings 305 473
Total $ 487 $ 701
Required:
1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.