Wally Foods reported cost of goods sold for $100,000 and depreciation expense totaling $7,000.On January 1, Wally Foods had inventory and accounts payable of $21,000 and $24,000, respectively.On December 31, inventory and accounts payable were $28,000 and $20,000, respectively.Net income is $60,000.Beginning accounts receivable was $13,000 and ending was $12,000.How much is reported as net cash provided/(used) by operating activities?

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Net income + Depreciation - Increase in Inventory - Decrease in Accounts Payable + Increase in Accounts Receivable = Net cash provided by operating activities$60,000 + $7,000 - ($28,000 - $21,000) - ($20,000 - $24,000) + ($12,000 - $13,000) = $57,000

Wally Foods Reported Cost of Goods Sold for $100,000 and Depreciation