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Business, 04.05.2021 19:50 hussain52

Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data

Net income $412,000 Accounts receivable decrease $33,400
Depreciation expense 50,000 Inventory decrease 47,500
Amortization expense 7,300 Prepaid expenses increase 6,200
Gain on sale of plant assets 7,400 Accounts payable decrease 10,900
Salaries payable increase 1,300

Required:
Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31.

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