The net income reported on the income statement for the current year was $440,000. Depreciation was $100,000. Accounts receivable and inventories decreased by $20,000 and $60,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities? 1) $562,000. O2) $634,000. 3) $602,000. 4) $478,000.

The net income reported on the income statement for the current year was $440,000. Depreciation was $100,000. Accounts receivable and inventories decreased by $20,000 and $60,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities? 1) $562,000. 2) $634,000 3) $602,000. 4) $478,000