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Norbury Corporation's net income last year was $33,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected
Norbury Corporation's net income last year was $33,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below:
Increases (Decreases) | |||
Asset and Contra-Asset Accounts: | |||
Accounts receivable | $ | 16,500 | |
Inventory | $ | (4,200 | ) |
Prepaid expenses | $ | 12,000 | |
Accumulated depreciation | $ | 30,000 | |
Liability Accounts: | |||
Accounts payable | $ | 16,000 | |
Accrued liabilities | $ | (8,700 | ) |
Income taxes payable | $ | 3,300 | |
Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:
A) $73,600
B) $16,700
C) $49,300
D) $97,900
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