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Income statement and balance sheet data for Kay Marie Company (KMC) is shown below. Sales Revenue $250,000 Cost of Goods Sold 110,000 Gross Profit 140,000
Income statement and balance sheet data for Kay Marie Company (KMC) is shown below. Sales Revenue $250,000 Cost of Goods Sold 110,000 Gross Profit 140,000 Operating Expenses: Salaries Expense $50,000 Depreciation Expense 20,000 Total Operating Expenses 70,000 Income Before Income Taxes 70,000 Income Tax Expense 10,000 Net Income $60,000 2019 2018 2019 $68,000 40,000 85,000 220,000 2018 $15,000 55,000 78,000 152,000 Cash Accounts Receivable Merchandise Inventory Plant Assets Accumulated Depreciation Land Accounts Payable Accrued Liabilities Notes Payable (long- term) Common Stock Retained Earnings (40,000) (20,000) 82,000 112,000 48,000 33,000 20,000 26,000 25,000 22,000 340,000 16,000 7,000 310,000 For 2019, there were no non-cash investing and financing activities. What were KMC's net cash flows provided by (used by) operating activities? OA. $123,000 OB. $130,000 O c. $97,000 OD. $110,000
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