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Norbury Corporation's net income last year was $41,000. 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 $41,000. 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 $ 20,000 Inventory $ (4,900) Prepaid expenses $ 15, 500 Accumulated depreciation $ 37,000 Liability Accounts: Accounts payable $ 19,500 Accrued liabilities $ (9, 400) Income taxes payable $ 4,000 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 O $61,500 O $91,100 O $20,500 O $122,700
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