In the first year of business, Exeter Company had the following activity:

The shareholder contributed $100,000 in exchange for stock.

Sales on credit were $50,000. Accounts receivable at the end of the year was $4,200.

Salaries and rent of $10,000 were paid during the year.

Dividends of $1,000 were paid to the shareholder.

On the Year1 Statement of cash flows, what would be reported as total cash flows from operating activities?

A. $40,000

B. $34,800
	C.	$39,000
	D.	$35,800
	E.	$134,800