The following information was taken from the comparative financial statements of Altec Industries, Inc., for the years ended December 31, 2002 and 2003:

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Net income for 2003. Sales revenue Cost of goods sold.. Depreciation expense for 2003. Amortization of goodwill for 2003 Interest expense on short-term debt for 2003 Dividends declared and paid in 2003. Utilities expense. Accounts receivable (net) Inventory Accounts payable.. $175,000 750,000 425,000 45,000 5,000 8,000 30,000 3,000 Dec. 31, 2003 Dec. 31, 2002 $45,000 $57,000 62,500 50,000 70,000 51,500 Use the direct method to compute cash flows provided by operating activities in 2003. (HINT: You need to calculate cash paid for operating expenses.)