Net cash provided by operating activities forJuly (indirect method) Deductions to Net Income must be entered as a negative Net income Adjustments to convert net income to a cash basis: Depreciation Accounts receivable Inventory Accounts payable Sub total of adjustments Net cash provided by operating activities Valley Manufacturing Inc Balance Sheet June 30, 2021 Assets Cash 140,000 Accounts receivable 175,000 Inventory 45,200 Plant and equipment, net of depreciation 554,800 Total Assets 915,000 Liabilities and Stockholders' Equity Accounts payable 115,000 Common stock S 586,000 Retained earnings 214,000 Total Liabilities and Stockholders' Equity 915,000