Question: Use the indirect method to answer question. The following information is available for Felix Company: Net income $300 Decrease in plant and equip. $40 Depreciation

Use the indirect method to answer question. The following information is available for Felix Company: Net income $300 Decrease in plant and equip. $40 Depreciation expense 20 Increase in deferred tax asset 5 Gain on sale of assets 35 Decrease in long-term debt 50 Increase in inventories 25 Decrease in accounts payable 15

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