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Staley Inc. reported the following data: Net income $402,000 Depreciation expense 46,830 Loss on disposal of...

Staley Inc. reported the following data:

Net income $402,000
Depreciation expense 46,830
Loss on disposal of equipment 37,290
Increase in accounts receivable 26,780
Increase in accounts payable 6,820

Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.

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Answer #1
Cash flow from operating activities
Net income $402,000
Add: Non cash expenditure
Depreciation $46,830
Add: Non operating gain
Loss on disposal of equipment $37,290
Cash flow before working capital changes $486,120
Working capital changes
(Less): Increase in accounts receivable ($26,780)
Add: Increase in accounts payable $6,820
Cash flow from operating activities $466,160
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