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Cash flows from operations-indirect method The financial statements of Simon Co. include the following items (amounts in thousands):
For the Year
Ended
December 31,
Income Statement
2011
Net income
$420
Depreciation and amortization expense
320
Balance Sheets
2010
Accounts receivable
$125
$170
Inventory
170
150
Accounts payable
80
90
Income taxes payable
50
15
Required:
a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31, 2011.
b. Explain why net income is different from the net cash provided by operations.
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