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Exercise 12-05 (Video) Your answer is partially correct. Try again. The current sections of Larkspur, Inc.'s balance sheets at December 31, 2019 and 2020, are
Exercise 12-05 (Video) Your answer is partially correct. Try again. The current sections of Larkspur, Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Larkspur's net income for 2020 was $154,100. Depreciation expense was $23,100. 2019 2018 Current assets $97,000 80,600 172,900 25,800 $376,300 Cash $101,100 111,400 157,000 26,600 $396,100 Accounts receivable Prepaid expenses Total current assets Current liabilities $10,000 95,600 $105,600 Accrued expenses payable Accounts payable $15,600 85,800 $101,400 Total current liabilities Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Larkspur, Inc. Partial Statement of Cash Flows For the Year Ended December 31, 2019 Cash Flows from Operating Activities 154100 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 23100 Decrease in Accounts Receivable 30800 Decrease in Inventory Increase in Prepaid Expenses 15900 ase in Accrued Expenses Payable 5600 Decrease in Accounts Payable 9800 9800 Net Cash Provided by Operating Activities
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