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Question - The current sections of Larkspur, Inc.'s balance sheets at December 31, 2016 and 2017, are presented here. Larkspur, Inc.'s net income for 2017 was $163,098. Depreciation expense was $28,782.
2017
2016
Current assets
Cash
$111,930
$105,534
Accounts receivable
85,280
94,874
Inventory
179,088
183,352
Prepaid expenses
28,782
23,452
Total current assets
$405,080
$407,212
Current liabilities
Accrued expenses payable
$15,990
$5,330
Accounts payable
90,610
98,072
Total current liabilities
$106,600
$103,402
Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method.
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