Sapphire Company reported the following information for the year 2014: Sales revenue of $280,000; cost of goods sold of $100,000; selling expenses of $40,000; administrative expenses of $35,000; depreciation of $25,000; interest expense of $8,000; and income tax expense of $28,000 . All sales were made for cash and all expenses (other than depreciation and bond premium amortization of $2,000)
were paid in cash. All current assets and current liabilities remained unchanged. How much cash was provided by operations for Sapphire Company during 2014?
a. $44,000
b. $69,000
c. $67,000
d. $71,000
C
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