Comparative balance sheets for 2022 and 2021 and an income statement for 2022 are provided below for New England Travel. Additional information from the accounting records of New England Travel is provided. Comparative Balance Sheets December 31, 2022 and 2021 ($ in thousands) 2022 2021 Assets: Cash $ 1,800 $ 1,125 Accounts receivable 1,800 1,350 Inventory 2,700 1,575 Prepaid Insurance 30 10 Land 2,025 1,800 Building 2,700 2,700 Less: Accumulated depreciation (900) (810) Equipment 8,550 6,750 Less: Accumulated depreciation (1,575) (1,440) Patent 3,600 4,500 $20,730 $17,560 Liabilities: Accounts payable $ 2,280 $ 1,360 Accrued operating expenses payable 900 675 Note Payable land 450 0 Shareholders' Equity: Common stock 9,450 9,000 Paid-in capitalexcess of par 2,250 2,025 Retained earnings 5,400 4,500 $20,730 $17,560 Income Statement For year ended December 31, 2022 ($ in thousands) Revenues: Sales revenue $7,935 Gain on sale of land 270 $8,205 Expenses: Cost of goods sold $1,800 Depreciation expense-building 90 Depreciation expense-equipment 945 Loss on sale of equipment 45 Amortization of patent 900 Insurance expense 50 Operating expenses 1,450 5,280 Net income $2,925

Additional information from the accounting records: a. During 2022, equipment with a cost of $900,000 (related accumulated depreciation is $810,000) was sold. b. The Retained Earnings account reveal a reduction of $675,000 for stock dividends. c. During 2022, land of $450,000 was purchased and a note payable of $450,000 was issued. Required: 1. Determine cash inflows/ (outflows) from operating activities using the direct method (8 points) Show workings for partial credit a. Cash received from customers (2 points) $____________ b. Cash paid to suppliers (2 points) $_____________ c. Cash paid for insurance (2 points) $_____________ d. Cash paid for operating expenses (2 points) $_____________ e. Net cash flows from operating activities $______________

Determine cash inflows or cash outflows (negative) from investing activities (6 points) Description Amount Net cash flows from investing activities 2. Determine cash inflows or cash outflows (negative) from financing activities (2 points) Description Amount Net cash flows from financing activities