in preparing a company's statement of cash flows using the indirect method, the folowing information is avata Net income Accounts payable decreased by Accounts receivable increased by Inventories increased by Depreciation expense $ 78,000 56,000 Q Notch provided by operating act Muligne Chace 475,000 Prev 3000 Test 3 236 PM wwwy 11 1 Colby Company reports net income of $50,000. For the year, depreciation expense is $15,000 and the company reports a gain of $5,000 from sale of machinery. It also had a $3,000 loss from retirement of notes. As a result, cash flows provided by operating activities for the year using the Indirect method is $63.000 True or False True False 3 0 + Exp Not Expen Anav