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Fitz Company reports the following information. Selected Annual Income Statement Data Net income $397,600 Depreciation expense 47, see Amortization expense 8,500 Gain on sale of

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Fitz Company reports the following information. Selected Annual Income Statement Data Net income $397,600 Depreciation expense 47, see Amortization expense 8,500 Gain on sale of plant assets 7,800 Selected Year-End Balance Sheet Data Accounts receivable decrease $118, 100 Inventory decrease 50, 500 Prepaid expenses increase 4,800 Accounts payable decrease 8,500 Salaries payable increase 1,800 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December (Amounts to be deducted should be indicated with a minus slgn.) Statement of Cash Flow (partial) Cash flows from operating activities ^ Adjustments to reconcile net income to net cash provided by operating activities Amortization expense Decrease in accounts payable Decrease in accounts receivable Decrease in inventory SCISE HET Decrease in prepaid expenses Decrease in salaries payable Depreciation expense Gain on sale of plant assets Increase in accounts payable Increase in accounts receivable Increase in inventory Increase in prepaid expenses Increase in salaries payable Loss on sale of plant assets

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