iculator Instructions Cash Flows Instructions repare a statement of cash flows under the indirect method. Use a minus to indicate any decreases in cash or cash outflows. Gains and Losses on the Sale of Long-Term Assets The income statement for Hubbard's Professional Edge Tennis Camp follows. Assume that all revenues and expenses were was sold for $500. There were no other investing or financing activities during the year. The Cash balances at the beginning and end of the year were $100 and $1,060, respectively. for cash and that land Hubbard's Professional Edge Tennis Camp Income Statement For Year Ended December 31, 20-2 Sales (all cash) Wages expense (all cash) Operating income Gain on sale of land Net income $1,920 1,460 $460 100 $560