Caterpillar's Luggage Company provided the following balance sheet and income statement for the current year. E: (Click the icon to view the balance sheets.) 3 (Click the icon to view the income statement.) Prepare the operating activities section of the cash flow statement using the direct method. Assume accrued expenses relate to selling, general and administrative expenses. (Assume that all investment incon was received in cash. Use a minus sign or parentheses for any cash outflows and/or net cash used by operating activities. If a box is not used in the statement, leave the box empty; do not select a label or en a zero.) Income Statement Caterpillar's Luggage Company Partial Statement of Cash Flow (Direct Method) For the Year Ended December 31 Operating Activities: Caterpillar's Luggage Company Income Statement For the Year Ended December 31 Sales $ 70,000 29,600 Cost of Goods Sold Gross Profit $ 40,400 Selling, General, and Administrative Expenses Depreciation Expense $ 14,600 6,600 $ 21,200 Net Cash Provided (Used) by Operating Activities Total Operating Expenses Operating Income Interest Expense $ 19,200 $ (1,500) 554 Investment Income Income before Tax $ 18,254 (1,444) Income Tax Expense $ 16,810 Net Income Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Done Ending Beginning 5,500 $ 16,160 $ 4,900 3,900 3,600 1,950 $ 24,960 $ 11,050 $ $ 31,000 54,000 13,000 58,000 Assets Current Assets Cash Accounts Receivable, net Merchandise Inventory Total Current Assets Noncurrent Assets Investments in Bonds Property, Plant, and Equipment - net Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities $ 85,000 $ 71,000 82,050 $ 109,960 $ $ $ 3,600 7,300 1,700 4,000 5,250 2,650 $ 12,600 $ 11,900 $ Notes Payable $ 32,000 31,000 $ 32,000 $ 31,000 $ 32,000 $ 31,000 $ 44,600 $ 42,900 Notes Payable Total Noncurrent Liabilities Total Liabilities Shareholders' Equity Common Stock, $1 par value Additional Paid-in Capital in Excess of Par- Common Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity $ 15,000 $ 8,500 13,000 37,360 9,000 21,650 $ 65,360 $ 39,150 $ 109,960 82,050