Question - Klutz Dance Studio had net income of $177,000 for the year just ended. Klutz collected the following additional information to prepare its statement of cash flows for the year:
Decrease in accounts receivable $26,500
Increase in accounts payable $13,500
Increase in retained earnings $97,000
Cash paid for purchase of new music equipment $22,500
Depreciation expense $5,500
Klutz uses the indirect method to prepare its statement of cash flows. What is Klutz's net cash provided (used) by operating activities?