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An income statement for the first year of operations for Patti Company appears below:
sales 390,000
dividend revenue 39,000
Interest revenue 24,050
cost of goods sold -208,000
salary expense -26000
depreciation expense -70,200
income tax expense -109,200
net income 39,650
Additional information:
Problem 1: Use the direct approach to calculate the cash provided (used) by operating activities for Patti Company
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