REORGANIZING A STATEMENT OF CASH FLOWS. Befuddled Corporation prepared the following statement of cash flows for 19x2:

REQUIRED:
Prepare a properly formatted statement of cash flows for Befuddled for 19x2, using the direct method to determine cash flows from operations.

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INFLOWS OF CASH BEFUDDLED CORPORATION Statement of Cash Flows For the Year Ended December 31, 19x2 Cash collections from sales Cash proceeds from sale of equipment Cash received from issuance of notes payable Total inflows of cash OUTFLOWS OF CASH $941,500 7,000 50,000 $ 998,500 Cash payments for cost of goods sold $523,900 Cash payments for operating expenses... Cash payments for interest expense 173,200 38,600 Cash payments for income taxes 41,300 Cash payments for purchases of equipment Repayment of short-term notes payable Payment of cash dividends 209,000 15,000 48,000 Total outflows of cash Net decrease in cash 1,049,000 $ (50,500)