Macgregor Company completed its first year of operations on December 31, 2014. Its initial income statement showed

Question:

Macgregor Company completed its first year of operations on December 31, 2014. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. and at year-end were $60,000 and $23,000, respectively. Assume that related to operating expenses. Ignore income taxes.

Instructions
Compute net cash provided by operating activities using the direct method.

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