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Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $418,000 Accounts receivable decrease $36,100 Depreciation expense
Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $418,000 Accounts receivable decrease $36,100 Depreciation expense 45,400 Inventory decrease 51,000 Amortization expense 8,300 Prepaid expenses increase 5,500 Gain on sale of plant assets 6,100 Accounts payable decrease 9,300 Salaries payable increase 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Amortization expense Gain on sale of plant assets Decrease in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Increase in salaries payable $ 0
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