repare 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 $910, respectively. Cash Flows For Year Ended December 31, 20-2 Cash flows from operating activities: Net cash provided by operating activities Investing activities: Net increase in cash Cash, January 1, 20-2 Cash, December 31, 20-2 Feedback