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On January 1, 2011 Grace Company had an $11,500 balance in the Accounts Receivable account...

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Accounting

On January 1, 2011 Grace Company had an $11,500 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2011, Grace provided $53,500 of service on account. The company collected $48,070 cash from account receivable. Uncollectible accounts are estimated to be 9% of sales on account.

Based on this information, the amount of cash flow from operating activities that would appear on the 2011 statement of cash flows is:

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