Financial and Managerial Accounting: E13-4 Gutierrez Company reported net income of $225,000
Financial and Managerial AccountingE13-4 Gutierrez Company reported net income of $225,000 for 2017. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.
Instructions Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.