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Speedy Industries began 2018 with accounes receivable, inventory, and prepaid expenses sotaling $60,000 and ins toal current labilities toaling $31,000. At the end of the
Speedy Industries began 2018 with accounes receivable, inventory, and prepaid expenses sotaling $60,000 and ins toal current labilities toaling $31,000. At the end of the year, these same current assets totaled $48,000 while its total current lisbilties totaled $22,000. Net income for the year was $20,000 Included in net income were a $3,000 loss on the sale of land and depreciation expense of $4,000 how Speedy should repor" cash flows from operating acti ities for 2018. The company uses the idea method use parentheses or a minus sign for numbers to be subracted and for a net decrease in cash) Cash flows from operating activibies Adjustments so reconcile net income to net cash provided by (used for) operating activities Net cash provided by (used for) operaing acoivities
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