Cash Flows from Operations (Indirect)
Garagiola Company had net income in the current year of $470,000. Depreciation expense for the year totaled $67,000. During the year the company experienced an increase in accounts receivable (all from sales to customers) of $35,000 and an increase in accounts payable (all to suppliers) of $56,000. Compute the amount of cash provided by or used for operating activities by the indirect method.
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