Exercise #1:From the following, calculate the net cash flows from operating activities (use the direct method):

ales st of Goods Sold alaries Expense nsurance Expense her Expenses (all h) hanges in current ssets and liabilities: ccounts Receivable ncreased by $600. nventory Increased ccounts Payable ncreased by $120. alaries Payable ecreased by $200. repaid Insurance ecreased by $160. 9,900 4, 520 1 ,400 960 1 ,300 ales st of Goods Sold alaries Expense nsurance Expense her Expenses (all h) hanges in current ssets and liabilities: ccounts Receivable ncreased by $600. nventory Increased ccounts Payable ncreased by $120. alaries Payable ecreased by $200. repaid Insurance ecreased by $160. 9,900 4, 520 1 ,400 960 1 ,300