Question: Assume May Co. is preparing the operating section using the indirect method. May Co. reported net income of $400,000 for the year and also had

Assume May Co. is preparing the operating section using the indirect method. May Co. reported net income of $400,000 for the year and also had the following items:

Increase in accounts receivable: $5,000

Increase in accounts payable: $9,000

Depreciation expense: $21,000

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

$375,000

$407,000

$417,000

$425,000

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