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Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet Cash and cash equivalents Accounts receivable Inventory Prepaid
Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment. Less accumulated depreciation Total assets Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Ending Balance $ 3,060 Beginning Balance $ 25,070 88,000 77,390 41,300 48,410 9,810 16,500 252,000 208,000 489,600 566,500 339,200 $ 621,470 $ 9,180 25,680 53,900 176,000 152,000 204,710 318,600 $ 546,370 $ 27,250 17,850 50,600 210,000) 140,000 100,670 $ 621,470 $ 546,370 Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income. $ 926,500 486,000 440,500 286,200 154,300 41,300 $113,000 The company declared and paid $8,960 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the company's statement of cash flows for the year using the direct method. (Enter all amounts as positive values except for adjustments to cash basis that are deducted.)
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