Patricio Co

Multiple Choice

Patricio Co. reported $10,000 cash used in the operating activities section of the Statement of Cash Flows and the following data: depreciation expense $10,000; an accounts payable increase of $12,000; a $3,000 decrease in accounts receivable; an increase in wages payable of $8,000; and a $15,000 gain on the sale of long-term investments. Patricio Co.'s net income/loss for the period was

A) $8,000 income.
B) $28,000 loss.
C) $38,000 loss.
D) $2,000 income.