6 value: 2.00 points Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands) INCOME STATEMENT Sales revenue S 20,660 Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Utilities expense Interest expense on bonds Loss on sale of investments Net loss $ 9,220 2,970 4,120 2,960 940 890 840 22,760 S (2,100 SELECTED BALANCE SHEET ACCOUNTS Prior Year Current Year S 70 S 95 Accounts receivable Accounts payable Salaries payable Rent payable Prepaid rent Prepaid insurance 540 213 21 24 15 441 253 37 12 12 36 Other Data The company issued $21,000, 8 percent bonds payable at par during the year Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (List cash outflows as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from Operating Activities Direct Method Cash flows from operating activities: 2. Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (List cash outflows as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from perating Activities Indirect Method Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities: Total adjustments