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7 The information below was obtained from the financial statements of ABC Corp. Net Income Depreciation Expense Accounts Receivable Inventory Accounts Payable Salaries and Wages

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The information below was obtained from the financial statements of ABC Corp. Net Income Depreciation Expense Accounts Receivable Inventory Accounts Payable Salaries and Wages Payable Prior Year $500,000 60,000 89,000 116,000 120,000 56,000 Current Year $655,000 72,000 78,000 142,000 117,000 68,000 Required: Based on this information, what was the amount of the net cash provided by (used by) operating activities during the current year? (Input cash used by operating activities with a minus sign.) Net cash provided (used by) operating activities $ 721,000

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