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Jewelry Suppliers reports net income of $148,000. Included in net income is a gain on...

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Accounting

Jewelry Suppliers reports net income of $148,000. Included in net income is a gain on the sale of land of $11,500. A comparison of this years and last years balance sheets reveals an increase in accounts receivable of $18,000, an increase in inventory of $11,500, and a decrease in accounts payable of $38,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method.

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