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Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the Indirect method (List any loss, cash outflow or deduction in cash as negative amounts.) Eyelashes and More Co. Income Statement For Year Ended May 31, 2020 Sales $2,850 Cost of goods sold Gross profit 1,440 $1,410 Operating expenses Depreciation expense $ 225 Other expenses 1,140 Total operating expenses 1,365 Loss on sale of long-term investment 90 Profit (loss) from operations $ Income tax expense (45) 0 Profit (loss) $ (45) Changes in current asset and current liability accounts during the year were as follows. Accounts receivable Inventory Prepaid insurance Accounts payable. Accrued liabilities $135 decrease 54 Increase 6 increase 30 increase 15 decrease Profit (loss) Adjustments: EYELASHES AND MORE CO. Statement of Cash Flows For Year Ended May 31, 2020
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