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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

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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 $195,000 provided $135,000 provided $142,000 provided A. $128,000 provided

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