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Sherman Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $60,000 and its total current liabilities totaling $38,000. At tho end of the

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Sherman Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $60,000 and its total current liabilities totaling $38,000. At tho end of the year, these same current assets totaled $48,000, while its total current liabilities to inled $30,000. Not income for the year was $10,000. Included in net income were a $1,000 loss on the sale of land and depreciation expense of $7,000 Show how Sherman should report cash flows from operating activities for 2016. The company unon the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash) Cash flows from operating activities: Adjustments to reconcile not income to net cash provided by used for operating activities Netcash provided by used for operating activities

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