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Penn Corp. reported the following information for 2016 and 2017: 2016 2017 Accounts receivable $170 000 $20 000 Prepaid expenses 8 000 40 000 Accounts
Penn Corp. reported the following information for 2016 and 2017: 2016 2017 Accounts receivable $170 000 $20 000 Prepaid expenses 8 000 40 000 Accounts payable 55 000 90 000 Salaries payable 13 000 10 000 Total comprehensive income 390 000 Depreciation expense 5 000 Gain on sale of equipment 7 000 If Penn uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as net cash flow from operating activities for 2017? None of the other alternatives O $395,250 $342,250 O $381,250
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