Harbor Company reported net income of $60,000 for the year ended December 31, Year 1.During the year, inventories decreased by $12,000, accounts payable decreased by $18,000, depreciation expense was $20,000 and a gain on disposal of equipment of $9,000 was recorded.Net cash provided by operating activities in Year 1 using the indirect method was
A) $119,000.
B) $65,000.
C) $77,000.
D) $55,000.

Question

Quizplus · Accepted Answer

$60,000 + $12,000 - $18,000 + $20,000 - $9,000

Harbor Company Reported Net Income of $60,000 for the Year