Mayweather reports net income of $337,500 for the year ended December 31. It also reports $110,600 depreciation expense and a $11,950 loss on the sale of equipment. Its comparative balance sheet reveals a $48,000 increase in accounts receivable, a $12,150 decrease in prepaid expenses, a $18,450 increase in accounts payable, a $15,100 decrease in wages payable, a $89,300 increase in equipment, and a $119,500 decrease in notes payable. Calculate the net increase in cash for the year.
A. $427,550.
B. $308,050.
C. $338,250.
D. $230,700.
E. $218,750.
Answer: E
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