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Norbury Corporation's net income last year was $19,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected
Norbury Corporation's net income last year was $19,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Accounts receivable $ 13,000 Inventory $ (3,500) Prepaid expenses $ 8,500 Accumulated depreciation $ 23,000 Liability Accounts: Accounts payable $ 12,500 Accrued liabilities $ (8,000) Income taxes payable $ 2,600 Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be: Multiple Choice $67,100 $31,100 $6,900 $56,100
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