Walmouth Corporation's comparative balance sheet and income statement for last year appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceCash and cash equivalents$40,000 $32,000 Accounts receivable 89,000 79,000 Inventory 48,000 55,000 Prepaid expenses 8,000 11,000 Long-term investments 250,000 210,000 Property, plant, and equipment 550,000 550,000 Less accumulated depreciation 264,000 239,000 Total assets$ 721,000 $ 698,000 Accounts payable$58,000 $46,000 Accrued liabilities 15,000 19,000 Income taxes payable 55,000 41,000 Bonds payable 100,000 160,000 Common stock 150,000 140,000 Retained earnings 343,000 292,000 Total liabilities and stockholders' equity$ 721,000 $ 698,000 Income StatementSales$
870,000Cost of goods sold 450,000Gross margin 420,000Selling and administrative expense 270,000Net operating income 150,000Income taxes 45,000Net income$ 105,000The company declared and paid a cash dividend of $54,000 during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) operating activities last year was:
A. $58,000
B. $152,000
C. $105,000
D. $130,000
Answer: B
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