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Question - Calculate cash provided by operating activities - direct method
Christchurch Motors Pty Ltd completed its first year of operations on 30 June 2018. Its statement of profit or loss showed that the business had revenues of $170 000 and operating expenses of $80 000 including bad debts expense of $1000. Accounts receivable and accounts payable at yearend were $43 000 and $33 000, respectively. Assume that accounts payable related to operating expenses. Ignore income tax. The allowance for doubtful debts is $1000. There has been no direct write-off of accounts receivable.
Required - Calculate net cash provided by operating activities using the direct method.
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