Total operating expenses on Ocean Company’s income statement for last year totaled $400,000. During the year, accrued liabilities increased by $23,000 and prepaid expenses increased by $16,000. Depreciation expense for the year was $30,000. Based on this information, operating expenses adjusted to a cash basis under the direct method on the statement of cash flows would be:
a.$518,000.
b.$363,000.
c.$272,000.
d.$300,000.
Answer is B-363000
operating expense-depreciation+increase in accrued liabilties-increase in prepaid expenses
400000-30000+23000-16000 = 363000
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