In its statement of cash flows issued for the year ending September 30, Berne 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
Increase in accounts payable 48,000
Increase in interest payable 12,000
Net income is
A. $41,000
B. $29,000
C. $79,000
D. $217,000
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