Fanning Electronics, Incorporated, recognized $5,300 of sales revenue on account and collected $3,100 of cash from accounts accounts payable receivable. Further, Fanning recognized $1,900 of operating expenses on account and paid $1,200 cash as partial settlement of Required a. Prepare the operating activities section of the statement of cash flows under the direct method. b. Prepare the operating activities section of the statement of cash flows under the indirect method. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the operating activities section of the statement of cash flows under the indirect method. Note: Amounts to be deducted should be indicated with minus sign. Cash Flows from Operating Activities - Indirect Method Cash flows from operating activities Net cash flow from operating activities A B C D E F G H Tomkung Corporation's income statements are presented in the following spreadsheet. 3 4 Required 5 Complete the spreadsheet to conduct horizontal analysis of the income statements for Year 4 and Year 3. 6 Note: Negative values should be indicated by a minus sign. All other answers should be input and displayed as positive values. 7 Percentage 8 Year 4 Year 3 Change 9 Sales $ 1,025,000 $ 987,000 10 Cost of Goods Sold $795,000 $732,000 11 Gross Margin 12 Operating Expenses $200,000 $205,000 13 Income Before Taxes 14 Income Taxes $10,000 $17,100 15 Net Income 16 17