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Main Speedy Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total current liabilities totaling $39,000. At the end of

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Main Speedy Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total current liabilities totaling $39,000. At the end of the year, these same current assets totaled $62,000, while its total current liabilities totaled $50,000. Net income for the year was $83,000. Included in net income were a $3,000 gain on the sale of land and depreciation expense of $10,000. Show how Speedy should report cash flows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Assign Do Hot Take a 83,000 Cash flows from operating activities: Net Income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses Increase in current liabilities Net cash provided by (used for) operating activities 10,000 -3,000 - 16,000 11,000 7.000 90,000

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