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View Policies Show Attempt History Current Attempt in Progress James Johnson and Mary Jones are examining the following summary of cash flows for Sheffield Company for the year ended January 31,2025. James claims that this summary shows that Sheffield had a superb first year, with cash increasing $38,170. Mary replies that it was not a superb first year. Rather, she says, the year was an operating failure and that $38,170 is not the actual increase in cash. The cash balance at the beginning of the year was $140,490. James claims that this summary shows that Sheffield had a superb first year, with cash increasing $38,170. Mary replies that it was not a superb first year. Rather, she says, the year was an operating failure and that $38,170 is not the actual increase in cash. The cash balance at the beginning of the year was $140,490. Your answer is incorrect. Using the data provided, determine the net income/(loss) for the year ended January 31, 2025. Depreciation expense was $55,140. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net income (loss) $ eTextbook and Media Assistance Used Your answer is partially correct. Prepare a statement of cash flows in proper form using the indirect method. The only noncash items in the income statement are depreciation and the gain from the sale of the investment. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Question 3 of 4 8.11/20 For the Year Ended January 31, 2025 Cash Flows from Operating Activities Net Income/(Loss) $ Adjustments to reconcile net income to Net Cash Used by Operating Activities Depreciation Expense 55140 Net Cash Used by Operating Activities Cash Flows from Investing Activities Sale of Investment $ \begin{tabular}{|r|} \hline 79840 \\ \hline-319650 \\ \hline-75520 \\ \hline \end{tabular} Net Cash Used by Investing Activities 315330 Cash Flows from Financing Activities Issuance of Capital Stock 404800 Purchase of Treasury Stock 10050 Net Cash Provided by Financing Activities 394750 Net Increase in Cash 38170 Question 3 of 4 8.11/20 Cash Flows from Investing Activities Sale of Investment $79840 Purchase of Fixtures and Equipment 319650 Purchase of Investment 75520 Net Cash Used by Investing Activities 315330 Cash Flows from Financing Activities Issuance of Capital Stock 404800 Purchase of Treasury Stock 10050 Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period \begin{tabular}{|c|c|} \hline & 394750 \\ \hline & 38170 \\ \hline & 140490 \\ \hline$ & 178660 \\ \hline \end{tabular} Noncash Investing and Financing Activities $ eTextbook and Media Assistance Used Save for Later Attempts: 4 of 5 used Submit