Use the following income statement and information about selected current assets and current liabilities to calculate the net cash provided or used by operating activities under the indirect method.

Income Statement

For Year Ended December $31,$ Year $2$

Sales

$ $195,000$

Cost of goods sold

$106,500$

Gross profit

$ $88,500$

Operating expenses

Wages expense

$ $25,500$

Depreciation expense

$7,500$

Rent expense

$7,700$

Interest expense

$2,400$

$43,100$

$ $45,400$

Loss on sale of land

$4,000$

Net income

$ $41,400$

Selected beginning and ending balances of current asset and current liability accounts, all of which relate to operating activities, follow.

Balance

December $31,$ Year $2$

December $31,$ Year $1$

Accounts receivable

$ $28,600$

$ $24,500$

Inventory

$23,300$

$20,500$

Prepaid rent

$650$

$450$

Accounts payable

$28,100$

$26,500$

Wages payable

$11,400$

$9,500$

Interest payable

$400$

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