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< $8,000. Scenic Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $60,000 and its total current liabilities totaling $37,000. At
< $8,000. Scenic Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $60,000 and its total current liabilities totaling $37,000. At the end of the year, these same current assets totaled $48,000, while its total current liabilities totaled $42,000. Net income for the year was $20,000. Included in net income were a $7,000 gain on the sale of land and depreciation expense of Show how Scenic should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities Net cash provided by (used for) operating activities
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