Hoffman Company's net income for the current year was $480,000.Depreciation was $62,000.Accounts receivable and inventories decreased by $20,000 and $32,000, respectively.Prepaid expenses and salaries payable increased, respectively, by $2,000 and $16,000.Equipment was sold at a gain of $8,000.How much cash was provided by operating activities?

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The Answer of Hoffman Company's net income for the current year was $480,000.Depreciation was $62,000.Accounts receivable and inventories decreased by $20,000 and $32,000, respectively.Prepaid expenses and salaries payable increased, respectively, by $2,000 and $16,000.Equipment was sold at a gain of $8,000.How much cash was provided by operating activities?

Hoffman Company's Net Income for the Current Year Was $480,000