Maple Inc. determined its net cash flows from operating activities to be an inflow of $35,000 and its ending cash balance to be $26,000. Net cash flows from investing activities is an outflow of $23,000 while net cash flows from financing activities is an inflow of $5,000. A purchase of equipment for the same period resulted in a cash outflow of $20,000 and an increase in notes payable of $40,000. What is the cash balance at the beginning of the period?

Select one:

a. $29,000

b. $9,000

c. $5,000

d. $25,000