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Norbury Corporation's net Income last year was $32,000. 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 $32,000. 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 Inventory Prepaid expenses Accumulated depreciation Liability Accounts: Accounts payable Accrued liabilities Income taxes payable $ 12,000 $ (3,300) $ 7,500 $ 21,000 $ 11,500 $ (7,800) $ 2,400 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 $51.100 $75,300 $42.900 $21,100
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