Don't give answer in image format Based on the indirect method, determine the net cash provided by operating activities during the year. TInitial PostFictitious information is provided below. Answer both required questions. "Be sure to show your work in detail. Not doing so will result in reduced or no credit given.For the year recently completed, TeamLogicIT had net income of $35,000. Balances in the company's current asset and current liability accounting for the beginning and endingof the year were as follows:End of Year Beginning of YearCurrent assets:Cash and cash equivalents $30,000 $40,000Accounts receivable$125,000 $106,000Inventory$213,000 $180,000Prepaid expenses$6,000 $7,000Current liabilities:Accounts payableAccrued liabilitiesIncome taxes payable$210,000 $195,000$4,000 $6,000$34,000$30,000Also, the accumulated depreciation account had total credits of $20,000 during the year. TeamLogicIT did not record any gains or losses during the year,"Based on the above and in consideration of the indirect method, determine the net cash provided by operating activities for the year.

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Description: Don't give answer in image format Based on the indirect method, determine the net cash provided by operating activities during the year. TInitial PostFictitious information is provided below. Answer both required questions. "Be sure to show your work

It has been given that an indirect method have to be applied for the computation of the cash…

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Business

Accounting

"Based on the above and in consideration of the indirect method, determine the net cash provided by operating activities for the year.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 14M

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