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Scenic Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total current liabilities totaling $31,000. At the end of
Scenic Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total current liabilities totaling $31,000. At the end of the year, these same current assets totaled $62,000, while its total current liabilities totaled $22,000. Net income for the year was $87,000. Included in net income were a $5,000 loss on the sale of land and depreciation expense of $11,000. Show how Scenic should report cash flows from operating activities for 2021. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Depreciation $11,000 Loss on sale of land Increase in accounts receivable, inventory, and prepaid expenses Decrease in current liabilities Net cash provided bv (used for) operatina activities
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