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Sherman Industries began 2 0 2 1 with its accounts receivable, inventory, and prepaid expenses totaling$ 4 6 , 0 0 0 and its total

Sherman Industries began 2021 with its accounts receivable, inventory, and prepaid expenses totaling$46,000 and its total current liabilities totaling $35,000. At the end of the year, these same current assets totaled $62,000, while its total current liabilities totaled $31,000. Net income for the year was $85,000. Included in net income were a $9,000 gain on the sale of land and depreciation expense of $4,000. Show how Sherman 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.) Question content area bottom Part 1 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities

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