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Klein Corporation reports the following summary data for the current year: Sales revenue totaled $128,000. Interest revenue for the period was $1,100. Interest expense for
Klein Corporation reports the following summary data for the current year:
- Sales revenue totaled $128,000.
- Interest revenue for the period was $1,100.
- Interest expense for the period was $400.
- Cost of goods sold for the period was $78,000.
- Operating expenses, all paid in cash (except for depreciation of $7,500), were $24,000.
- Income tax expense for the period was $4,000.
- Accounts receivable (net) increased by $5,000 during the period.
- Accounts payable increased by $2,500 during the period.
- Inventory at the beginning and end of the period was $17,500 and $12,500, respectively.
- Cash increased during the period by $2,500.
Assume all other current asset and current liability accounts remained constant during the period. Enter your answers as positive numbers.
- Compute the amount of cash collected from customers. $
- Compute the amount of cash paid for inventory. $
- Compute the amount of cash paid for operating expenses. $
- Compute the amount of cash flows provided by (used in) operations. $
- What must have been the combined amount of cash flows provided by (used in) investing and financing activities? $
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