Evaluate adjustments to net income under the indirect method. (LO 5)

The comparative balance sheets for JayCee Company showed the following changes in current asset accounts: accounts receivable decreased by \(\$ 50,000\), prepaid expenses decreased by \(\$ 23,000\), and merchandise inventory increased by \(\$ 17,000\). These were all the changes in the current assets and current liability accounts (except cash). Net income for the year was \(\$ 275,500\). Compute net cash provided by or used by operating activities using the indirect method.