Exercise 12-8 (Algo) Indirect: Inferring net income from operating cash flows LO P2 Cain Company reports...

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Exercise 12-8 (Algo) Indirect: Inferring net income from operating cash flows LO P2 Cain Company reports net cash provided by operating activities of $34,000. It also reports the following information under "Adjustments to reconcile net income to net cash provided by operating activities" on its statement of cash flows (using the indirec method). Gain on sale of equipment Increase in accounts receivable Depreciation expense Determine Cain's net income. $9,600 Decrease in inventory $5,600 3,800 Increase in prepaid expenses 6,600 Decrease in wages payable 3,600 2,600 Net income Exercise 12-8 (Algo) Indirect: Inferring net income from operating cash flows LO P2 Cain Company reports net cash provided by operating activities of $34,000. It also reports the following information under "Adjustments to reconcile net income to net cash provided by operating activities" on its statement of cash flows (using the indirec method). Gain on sale of equipment Increase in accounts receivable Depreciation expense Determine Cain's net income. $9,600 Decrease in inventory $5,600 3,800 Increase in prepaid expenses 6,600 Decrease in wages payable 3,600 2,600 Net income