Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional year-end Information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 213,583 Depreciation expense 37,416 Rent expense 42,093 Amortization expenses-Patents 4,677 Utilities expense 17,149 $ 1,559,000 1763, 910 795,090 Gain on male of equipment Net income 314,918 480,172 6,236 $ 486, 408 Accounts receivable Inventory $ 39,550 increase Accounts payable 10,225 increase salaries payable $ 13,525 decrease 1,750 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be Indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Sales $ 693,000 $ 693,000