Microwalf Company had the following results during 2012:

Cash collected from accounts receivable $56,000 Cash paid to purchase office supplies $2,500 Cash collected from the issuance of common stock $50,000 Cash paid to purchase equipment with a 5 year life $80,000

How much is the company's net cash provided/(used by) operating activities prepared using the direct method?

$53,500

$103,500

$23,500

($26,500)