Below is the income statement for Sun Devil Company for the year ending December 31, 20x2: Sales (net) $500,000 Cost of Goods Sold: Beginning Inventory $ 50,000 Purchases 300,000 Goods Available for Sale 350,000 Ending Inventory 40.000 Cost of Goods Sold 310,000 Gross Profit $190.000 Operating Expenses: Wages $35,000 Depreciation 30,000 Advertising 15,000Administrative 5.000 $85,000$105,000 Income from Operations Gain on Sale of Equipment 50.000 Net Income $155 000 The following balances were derived from the balance sheet: December 31 20x2 20x1 Accounts Receivable $100,000 $ 90,000Accounts Payable 30.000 50.000 Prepaid Advertising Expense 5,000 3,000Wages Payable 5,000 4,000 Determine Cash Flows from Operating Activities: a. $164,000 b. $104,000 c. $114,000 d. $94,000
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