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QS 124 (Algo) Indirect: Computing cash flows from operations LO P2 Cain Incorporated reports net income of $17,000. Its comparative balance sheet shows the following
QS 124 (Algo) Indirect: Computing cash flows from operations LO P2 Cain Incorporated reports net income of $17,000. Its comparative balance sheet shows the following changes: accounts receivable increased $8,000; inventory decreased $10,000; prepaid insurance decreased $3,000; accounts payable increased $5,000; and taxes payable decreased $4,000. Compute cash flows from operations using the indirect method. (Amounts to be dealucted should be indicated by a minus sign.)
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