Question - Felix Skateboards Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement:
Felix Company Income Statement Year Ended December31, 2017
| Sales Revenue |
$250,000 |
|
| Interest Revenue |
2,200 |
|
| Gain on Sale of Plant Assets |
5,100 |
|
| Total Revenues and Gains |
|
$257,300 |
| Cost of Goods Sold |
124,000 |
|
| Salary Expense |
41,000 |
|
| Depreciation Expense |
14,000 |
|
| Other Operating Expenses |
23,000 |
|
| Interest Expense |
1,900 |
|
| Income Tax Expense |
5,200 |
|
| Total Expenses |
|
209,100 |
| Net Income(Loss) |
|
$48,200
|
Additional information provided by the company includes the following:
1. Current assets, other than cash, increased by $20,000.
2. Current liabilities decreased by $1,500.
Compute the net cash provided by (used for) operating activities.
A. $35,600
B. $40,700
C. $26,700
D. $11,700