Based on the following income statement and balance sheet for Williams Manufacturing Company, determine the cash flows from operating activities using the indirect method. WILLIAMS MANUFACTURING COMPANY Income Statement For The Year Ended December 31, 2021 Sales Cost of goods sold $292,300 145,000 Gross Profit 147,300 Depreciation expense $16,000 Other operating expenses 77,500 (93,500) Other gains (losses): Gain on sale of equipment 6,000 Income before taxes $ 59,800 Income tax expense (7,800) Net income WILLIAMS MANUFACTURING COMPANY Balance Sheets December 31, 2021 Assets Cash Accounts receivable $ 52,000 2021 2020 $ 33,000 $13,000 29,000 36,000 Inventory 56,000 29,000 Equipment 143,000 103,000 Accumulated depreciation (24,000) (18,000) Land 7,000 7,000 Total assets $244,000 $170,000 Liabilities: Accounts payable $ 9,000 $13,000 Income taxes payable 7,000 3,000 Total liabilities $16,000 $16,000 Equity Common stock $90,000 $61,000 Contributed Capital in excess of par value 23,000 15,000 Retained earnings 115,000 78,000 Total equity $228,000 $154,000 Total liabilities and equity $244,000 $170,000