Based on the following income statement and balance sheet for Bankowski Corporation

Question

Based on the following income statement and balance sheet for Bankowski Corporation, determine the cash flows from operating activities using the indirect method.

Bankowski Corporation Income Statement For Year Ended December 31, 2015
Sales		$504,000
Cost of goods sold	$327,600
Depreciation expense	33,000
Other operating expenses	125,500	(486,100	)
Other gains (losses):
Gain on sale of equipment		5,200
Income before taxes		$ 23,100
Income tax expense		(4,800	)
Net income		$ 18,300

Bankowski Corporation Balance Sheets At December 31
Assets	2015		2014
Cash	$ 62,650		$ 55,800
Accounts receivable	21,000		29,000
Inventory	58,000		52,100
Equipment	240,000		222,000
Accumulated depreciation	(97,000	)	( 96,000	)
Total assets	$284,650		$262,900

Liabilities:
Accounts payable	$ 28,400		$ 23,700
Income taxes payable	1,050		1,200
Total liabilities	$ 29,450		$ 24,900
Equity:
Common stock	$106,000		$106,000
Paid-in Capital in excess of par value	18,000		18,000
Retained earnings	131,200		114,000
Total equity	$255,200		$238,000
Total liabilities and equity	$284,650		$262,900