18 4.76 points Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales eBook Cost of goods sold Gross profit $ 2,475,000 1,212,750 1,262,250 Operating expenses Hint Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Print Gain on sale of equipment Net income References $ 339,075 59,400 66,825 7,425 27,225 499,950 762,300 9,900 $ 772,200 Accounts receivable Inventory $ 38,250 increase Accounts payable 34,325 increase Salaries payable $ 12,550 decrease 2,200 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers Payments for inventory Payments for salaries Payments for rent Payments for utilities Net cash provided by operating activities Check my work