In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income: Depreciation $38,000
Increase in net accounts receivable 31,000
Decrease in inventory 27,000
Decrease in accounts payable 48,000
Increase in interest payable 12,000
Net income is:.
a. $29,000
b. $41,000
c. $79,000
d. $217,000
e. $125,000