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QUESTION 34 Smith's Corporation's accounts receivable were $250,000 at December 31, 2015, and $150.000 at December 31, 2016. Cash sales for 2016 were $300,000. The accounts recente turnover was 7.0. Smith's total sales for 2016 were a. $2,100,000 b. $1,800,000 c. $2,400,000 d. $2,750,000 TION 38 Krenshaw Company reported a net income of $11,000 for the year ended December 31, 2016. During 2016, accounts receivable increased by $2,000, merchandise inventory decreased by $2,000, accounts payable increased by $1,000, tong-lived fixed assets increased by $2.000, unearned revenues decreased by $1,000 and a $4,000 implementos was recorded. Assuming no other adjustments to net income are needed, the net cash inflow from operating activities using the indirect method was a. $14,000 b. $10,000 c. $13,000 d. $12,000 e. $11,000 f. $15,000