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Sneezy Inc. reported the following data: Net Income $475,500 Depreciation Expense 53,000 Gain on retirement of Bonds Payable 8,800 Increase in Accounts Receivable 21,975 Decrease

Sneezy Inc. reported the following data: Net Income $475,500 Depreciation Expense 53,000 Gain on retirement of Bonds Payable 8,800 Increase in Accounts Receivable 21,975 Decrease in Inventory 19,625 Decrease in Accounts Payable 12,750 Using the indirect method, the cash flow from operating activities on the statement of cash flows is

a.

$504,600

b.

$509,300

c.

$520,900

d.

$558,400

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