Finlay, Inc., earned net income of $63,000 after deducting depreciation expense of

$12,000 and all other expenses. Current assets increased by $11,000, and current liabilities decreased by $13,000. Using the indirect method, how much was Finlay, Inc.’s net cash flow from operating activities?

a. $37,000

b. $39,000

c. $51,000

d. $27,000 AppendixLO1