A company uses the indirect method to determine its cash flows from operating activities. Use the following information to determine its net cash provided or used by operating activities.

Net income . . . . . . . . . . . . . . . . . . . . . $15,200 Depreciation expense . . . . . . . . . . . . . . 10,000 Cash payment on note payable . . . . . . . 8,000 Gain on sale of land . . . . . . . . . . . . . . . 3,000 Increase in inventory . . . . . . . . . . . . . . . 1,500 Increase in accounts payable . . . . . . . . . 2,850

a. $23,550 used by operating activities

b. $23,550 provided by operating activities

c. $15,550 provided by operating activities

d. $42,400 provided by operating activities

e. $20,850 provided by operating activities.AppendixLO1