Porcupine Company reported net income of $195,000 for the year. Porcupine also reported depreciation expense of $35,000, selling expenses of $3,500, and a loss of $5,000 on the sale of equipment. The comparative balance sheets show an increase in accounts receivable of $15,000 for the year, an $8,000 increase in accounts payable, and a decrease in prepaid expenses of $4,000. $13,000 cash was received when the equipment was sold. Porcupine was also a bit surprised, because Retained Earnings only increased by $10,000 during the year. Calculate cash flows provided by operating activities.

Select one:

a. Cash Provided by Operating Activities is $245,000

b. Cash Provided by Operating Activities is $47,000

c. Cash Provided by Operating Activities is $235,500

d. Cash Provided by Operating Activities is $232,000