Chenowith Co. reports revenue of $194,340 and operating expenses of $112,340 in its first year of operations, 2012. Accounts receivable and accounts payable at year-end were $78,680 and $40,480, respectively. Assume that the accounts payable are related to operating expenses.

Using the direct method, compute net cash provided (used) by operating activities.

Do not copy from Chegg and give complete answer with explanation