The net income reported on the income statement for the current year was $346,400. Depreciation recorded on equipment and a building amounted to $99,330 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year
Cash $90,570 $96,530
Accounts receivable (net) 111,490 119,020
Inventories 222,910 208,840
Prepaid expenses 13,500 14,540
Accounts payable (merchandise creditors) 96,260 103,590
Salaries payable 15,150 12,9801
1.
Statement of Cash Flows (partial)