Macgregor Company completed its first year of operations on December 31, 2024. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year end were $60,000 and $23,000, respectively. Assume that accounts payable related to operating expenses. Ignore income taxes. 

Instructions 

Calculate net cash provided by operating activities using the direct method.