Wolfe, Inc. reported net income of $53,000; depreciation expenses of $11,000; a gain on a land sale of $3,000; and a decrease in Accounts Receivable of $3,500. Under the indirect method, net Cash Flows from operations is:
A) $57,500.
B) $64,500.
C) $67,500.
D) $70,500
B) $64,500.
Explanation: net income + depreciation expense - gain on sale + A/R; ex: $53,000 + $11,000 - $3,000 + $3,500 = $64,500
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