Question

The following information was taken from the comparative financial statements of
Tulip Corporation:
Net income for year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75,000
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000
Cost of goods sold (except depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . 275,000
Depreciation expense for year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Amortization of intangible assets for year . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Interest expense on short-term debt for year . . . . . . . . . . . . . . . . . . . . . . . 5,200
Dividends declared and paid during year . . . . . . . . . . . . . . . . . . . . . . . . . 35,000
Selected account balances:


Using the indirect method, compute the net amount of cash provided by (used in) operating activities for theyear.


$1.99
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  • CreatedJanuary 28, 2012
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