Olympic, Inc., had the following positive and negative cash flows during the current year:Positive cash flows:Received from customers………………………………………………$240,00050,000Sale of plant assets………………………………………………………. 330,000Negative cash flows:Paid to suppliers and employees…………………………………….$127,00045,00036,000Determine the amount of cash provided by or used for operating activities by the direct method.SOLUTION:Cash Flow Statements in the books of Olympic Inc.Cash inflow:Cash received from customersInterest and dividend receivedProceeds from the sale of the plant assets 240,00050,000…