Please do not copy from Chegg otherwise I have to report the answer. Explain the answer thoroughly by showing each step of the calculation.

Indirect calculation of operating cash flows

Specialty Services Inc. reported a net income of $114,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:

	Oct. 31, 20X2	Oct. 31, 20X1
Trade accounts receivable	$248,000	$203,000
Merchandise inventory	232,000	308,000
Accumulated depreciation: equipment	122,000	65,000
Accounts payable	193,000	124,000
Accrued liabilities	40,000	73,000

There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.

On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses an indirect method of statement preparation.