Refer to the information in Problem 17-7A. Prepare a statement of cash flows for 2014 using the direct method to report cash inflows and outflows from operating activities.

Other information:

a. All accounts payable balances result from merchandise purchases.
b. All sales are credit sales.
c. All credits to accounts receivable are receipts from customers.
d. All debits to accounts payable result from payments for merchandise.
e. All other expenses are cashexpenses.

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Quicklaw Inc. Post-Closing Trial Balance (000s) Quicklaw Inc. Income Statement For Year Ended December 31, 2014 (000s) December 31 2014 Account 2013 Revenues: $2,880 2,800 Cash $1,840 Sales. $3,784 Receivables Merchandise inventory.. 2,080 Expenses: Cost of goods sold. Other expenses... Income tax expense.. Depreciation expense. 2,560 3,040 $1,536 Property, plant and equipment.. Accumulated depreciation. 3,040 1,920 2,720 880 1,840 288 Long-term investments Accounts payable. 2,080 2,240 1,440 80 1,920 Total expenses. 2,784 $1,000 Accrued liabilities 320 480 Net income.. Bonds payable. Common shares. 2,240 2,400 2,720 3,040 Retained earnings. 3,920 3,040