QUESTION 13 Use the following income and balance sheet information to calculate net cash provided or used by the operating activities. Income Statement for the year ended December 31, 2010 Net sales $ 620,000 Cost of goods sold (420,000) Gross profit 200,000 Less: Operating expenses (65,000) Depreciation expense (50,000) Income from operations $ 85,000 Gain on sale of equip 60,000 Net income $ 145,000 Inventory Accounts receivable Prepaid insurance Accounts payable Dec 31, 2010 $ 50,000 90,000 6,000 35,000 Dec 31, 2009 $ 45,000 101,000 3,000 45,000 A $128,000 provided $195,000 provided $135,000 provided $142,000 provided