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The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts at the beginning and end of the year are shown at the top of the following page.
End
Beginning
Cash
$ 65,000
$ 70,000
Accounts receivable
100,000
90,000
Inventories
145,000
150,000
Prepaid expenses
7,500
8,000
Accounts payable
(merchandise creditors)
51,000
58,000
The total amount reported for cash flows from operating activities in the statement of cash flows, using the indirect method, is:
A. $33,000.
B. $55,000.
C. $65,500.
D. $77,000.
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