b. What was the company's net income for the year? E O What was the cash flow from operating activities? (Use the direct method.) E O c. Indicate the direction and amounts by which each of the following accounts changed during the year. If the account decreased, enter as a negative number. 1. Accounts receivable E 2. Merchandise inventory 3. Accounts payable E d. Using your results above, prepare the operating activities section of the statement of cash flows using the indirect format. Note: Use negative signs with answers, when appropriate. Net income Change in accounts receivable Irth ith rth rth Change in inventories Change in accounts payable 0 Cash flow from operating activities rthy 0Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2015, Beyer GMBH had the following summary information available concerning its operating activities. The company had no investing or financing activities this year. 1. Sales of merchandise to customers on credit (1,014,800 2. Sales of merchandise to customers for cash 183,000 3. Cost of merchandise sold on credit 640,200 4. Cost of merchandise sold for cash 126,800 5. Purchases of merchandise from suppliers on credit 703,200 6. Purchases of merchandise from suppliers for cash 95,400 7. Collections from customers on accounts receivable 966,800 8. Cash payments to suppliers on accounts payable 680,400 9. Operating expenses (all paid in cash) 344,600 Required a. Enter the items above into the Financial Statement Effects Template. Under noncash assets, use two separate columns for accounts receivable and inventories. Calculate the totals for each column. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Accounts Accounts Earned Transaction Cash Asset + Receivable + Inventories = Payable + Cont'd Capital + Capital Revenue - Expenses = Net Income 0 + 0 + 0 = 0 + 0 + 0 O = + 1+ 0 = 0 + + O = 0 + 0 0 0 + 0 O = + + = 0 0 OO 0 + 0 + 0 = ooo = LD CO V G UI A W N 0 + 0 + 0 = + + + + + + + + 0 + 0 + 0 + + + + + + + oo oo oo o + 0 + 0 1 11 11 11 11 11 11 ooo 0 + o + O o + o + O Totals 0 = b. What was the company's net income for the year? 6 0