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Information from Minor Company's income statement for the year ended December 31, 2019 is shown below. Additional information from Minor Company's comparative balance sheet is
Information from Minor Company's income statement for the year ended December 31, 2019 is shown below. Additional information from Minor Company's comparative balance sheet is also shown below. Sales. $248,000 Cost of Goods Sold... .118,000 Gross Profit.. $130,000 .48,000 30,000 Wages and Salaries Expense... Depreciation Expense... Other Operating Expenses.. Income om Operations.. Gain on Sale of Equipment.. 24,000 $ 28,000 8,000 Income before Income Taxes... .$ 36,000 Income Tax Expense.. 12,000 Net Income. $ 24,000 Additional Information: Increase in Accounts Receivable... $ 4,000 Decrease in Merchandise Inventory... .14,000 Decrease in Prepaid Insurance.... 10,000 Increase in Accounts Payable. 16,000 2,000 Decrease in Taxes Payable.... Decrease in Long-Term Notes Payable........ .20,000 Required: Based on the information provided, calculate Minor Company's net cash provided by operating activities using the indirect method. Do NOT prepare the entire statement of cash flows. Show all of your calculations. (10 points possible)
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