The Lincoln Company owns no plant assets and had the following income statement for the year:

Sales revenue		$750,000
Cost of goods sold	$470,000
Wages expense	110,000
Rent expense	42,000
Insurance expense	15,000	637,000
Net income		$113,000

Selected account balances include:

	End of Year	Beginning of Year
Accounts receivable	$54,000	$49,000
Inventory	60,000	66,000
Prepaid insurance	8,000	7,000
Accounts payable	22,000	18,000
Wages payable	9,000	11,000

Determine the following for Lincoln Company: a. Cash received from customers $Answer

745,000

b. Cash paid for merchandise purchased $Answer

460,000

c. Cash paid to employees $Answer

112,000

d. Cash paid for insurance $Answer

16,000

Determine the amount of cash provided by (used by) operating activities at Lincoln Company. $Answer

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