Prepare a statement of cash flows under the indirect method. Use a minus to indicate any decreases in cash or cash outflows.

Gains and Losses on the Sale of Long-Term Assets

The income statement for Hubbard's Professional Edge Tennis Camp follows. Assume that all revenues and expenses were for cash and that land was sold for $500. There were no other investing or financing activities during the year. The Cash balances at the beginning and end of the year were $100 and $1,360, respectively.

Hubbard's Professional Edge Tennis Camp Income Statement For Year Ended December 31, 20-2
Sales (all cash)		$2,190
Wages expense (all cash)		1,430
Operating income		$760
Gain on sale of land		100
Net income		$860

Prepare a statement of cash flows under the indirect method. Use a minus to indicate any decreases in cash or cash outflows.

Hubbard's Professional Edge Tennis Camp Statement of Cash Flows For Year Ended December 31, 20-2

Cash flows from operating activities:
Net incomeOperating incomeSalesSold land	$- Select -
Less gain on sale of landLess wages expenseAdd gain on sale of landAdd wages expense	- Select -
Net cash provided by operating activities		$fill in the blank e4f6a0f60053002_5
Investing activities:
Gain on sale of landNet incomeSalesSold land		- Select -
Net increase in cashNet decrease in cash		$- Select -
Cash, January 1, 20-2		fill in the blank e4f6a0f60053002_10
Cash, December 31, 20-2		$fill in the blank e4f6a0f60053002_11