BA211 Financial Accounting Summer 2020 (400.1) Shuhuai Wang & Homework: HW #9 Ch. 11 Save Score: 0 of 2 pts 1 of 7 (3 complete) HW Score: 26.67%, 4 of 15 pts X S11-4 (similar to) Question Help Incredible Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $60,000 and its total current liabilities totaling $33,000. At the end of the year, these same current assets totaled $48.000, while its total current liabilities totaled $27,000. Net income for the year was $87,000. Included in net income were a $3,000 gain on the sale of land and depreciation expense of $10,000 Show how Incredible should report cash flows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) $ 87.000 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Decrease in accounts receivable, inventory, and prepaid expenses Gain on sale of land Depreciation Decrease in current liabilities Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All Final Check F-n