LO2 Ell-4A. Cash Flow from Operating Activities (Indirect Method) The Lincoln Company owns no plant assets and had the following income statement for the year: MBC Sales revenue.... Cost of goods sold...

Extracted text: LO2 Ell-4A. Cash Flow from Operating Activities (Indirect Method) The Lincoln Company owns no plant assets and had the following income statement for the year: MBC Sales revenue.... Cost of goods sold . Wages expense Rent expense . Insurance expense. $750,000 $470,000 110,000 42,000 15,000 637,000 Net income.. $113,000 Additional information about the company includes: End of Beginning Year of Year Accounts receivable... Inventory. .... Prepaid insurance. Accounts payable. Wages payable.. $54,000 $49,000 66,000 60,000 8,000 7,000 22,000 9,000 18,000 11,000 Use the preceding information to calculate the cash flow from operating activities using the indi- rect method.