Question: Assume May Co. is preparing the operating section using the indirect method. May Co. reported a net income of $301,000 for the year and also

Assume May Co. is preparing the operating section using the indirect method. May Co. reported a net income of $301,000 for the year and also had the following items:

Increase in accounts receivable: $5,000

Decrease in accounts payable: $9,000

Depreciation expense: $21,000

What is May Co.’s net cash flow from operating activities?

a $266,000

b $318,000

c $276,000

d $308,000

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