The following information is from Mabel Co.’s year-end financial statements for the current andprevious years:Current year Prepaid Expenses = $10,000Accounts Payable = 50,000Land = 250,000Previous yearPrepaid Expenses = $20,000Accounts Payable = 30,000Land = 600,000Land was sold during the current fiscal year for cash resulting in a loss of $40,000. What isMabel’s net adjustment to net income to determine net cash from operating activities?A. ($70,000)B. $0C. $30,000D. $70,000

The following information is from Mabel Co.’s year-end financial statements for the current andprevious years:Current year Prepaid Expenses = $10,000Accounts Payable = 50,000Land = 250,000Previous yearPrepaid Expenses = $20,000Accounts Payable = 30,000Land = 600,000Land was sold during the current fiscal year for cash resulting in a loss of $40,000. What isMabel’s net adjustment to net income to determine net cash from operating activities?A. ($70,000)B. $0C. $30,000D. $70,000

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