ces Required information [The following information applies to the questions displayed below.] Green Brands, Incorporated (GB) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI's Year 2 and Year 1 year-end balance sheets. Assume all sales and purchases of inventory are made on account. Account Title Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Year 2 $ 20,500 Year 1 $28,700 57,700 48,400 18,000 25,200 26,800 18,700 4,650 4,000 900 3,050 Unearned service revenue The Year 2 income statement is shown next. Sales Cost of goods sold Gross margin Service revenue Income Statement $ 621,000 (377,000) 244,000 5,400 Insurance expense (39,000) Salaries expense (159,000) Depreciation expense (4,600) Operating incone 46,800 Gain on sale of equipment 4,300 Net income $51,100 a. Prepare the operating activities section of the statement of cash flows using the direct method. (Cash outflows should be indica with a minus sign.) GREEN BRANDS, INCORPORATED Statement of Cash Flows (Operating Activities). For the Year Ended December 31, Year 2 Cash flows from operating activities. Cash collections from customers for sales Cash collections from customers for services Cash payments for Net cash flow from operating activities $ 0 Required information [The following information applies to the questions displayed below.] Green Brands, Incorporated (GB) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI's Year 2 and Year 1 year-end balance sheets. Assume all sales and purchases of inventory are made on account. Account Title: Accounts receivable. Inventory Prepaid insurance Accounts payable Salaries payable Year 2 $ 20,500 Year 1 $ 28,700 57,700 48,400 18,000 25,200 26,800 18,700 4,650 4,000 900 3,050 Unearned service revenue The Year 2 income statement is shown next. Income Statement Sales Cost of goods sold Gross margin $ 621,000 (377,000) 244,000 Service revenue 5,400 Insurance expense (39,000) Salaries expense (159,000) Depreciation expense (4,600) Operating income Gain on sale of equipment 46,800 4,300 Net income. $51,100 b. Prepare the operating activities section of the statement of cash flows using the indirect method. (Cash outflows sh indicated with a minus sign.) GREEN BRANDS, INCORPORATED Statement of Cash Flows (Operating Activities) For the Year Ended December 31, Year 2 Cash flows from operating activities Add Deduct Add noncash expenses Net cash flow from operating activities