P9-4A. Calculate cash from operating activities using the indirect method. (LO 5)
Rollins Land Corporation had the following information available for 2005.
| Januar1y | Decembe3r 1 | |
| Accounts receivable | $ 1 78,000 | $151,000 |
| Prepaid insurance | 38,000 | 16,000 |
| Inventory | 65,000 | 71,000 |
Rollins Land Corporation reported net income of $295,000 for the year. Depreciation expense, included on the income statement was $26,500.
Required
Assume this is all the information relevant to the statement of cash flows. Use the indirect method to prepare the cash flows from operating activities section of Rollins Corporation’s statement of cash flows for the year ended December 31, 2005.
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