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Adjusting Net Income for Changes in Current Assets and Current Liabilities Lloyd Company reported net income of $25,000 for 20-2. The December 31 balances of

Adjusting Net Income for Changes in Current Assets and Current Liabilities

Lloyd Company reported net income of $25,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below.

20-220-1Accounts Receivable$4,200$3,000Merchandise Inventory25,00030,000Accounts Payable16,00018,000Wages Payable7,60012,000

Compute cash provided by operating activities.

$

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