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Shorman Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $52,000 and its total current liabilities totaling $32,000. At the end of the

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Shorman Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $52,000 and its total current liabilities totaling $32,000. At the end of the year, these same current assets totaled $50,000, while its total current liabilities totaled $35,000. Net income for the year was $85,000. Included in net income were a $7,000 loss on the sale of land and depreciation expense of $11,000 Show how Sherman should report cash fiows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Ic Cash flows from operating activities: 04 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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