For 2017, the income statement of George Corporation had revenues of $172,000 and operating expenses of $88,000. Accounts receivable and accounts payable at year-end were $60,000 and $23,000, respectively. At the beginning of the year, the balances were $39,000 for accounts receivable and $15,000 for accounts payable. Assume that accounts payable related to operating expenses. Ignore income taxes.
Instructions
Compute net cash provided by operating activities using the direct method.