Heads Up Company was started several years ago by two hockey instructors. The companys comparative balance sheets and income statement follow, along with additional information.

	Current Year					Previous Year
Balance Sheet at December 31
Cash		$	6,300				$	4,500
Accounts Receivable			1,000					1,950
Equipment			6,600					6,000
Accumulated DepreciationEquipment			(1,700	)				(1,350	)
		$	12,200				$	11,100
Accounts Payable		$	500				$	1,100
Salaries and Wages Payable			400					750
Note Payable (long-term)			1,500					500
Common Stock			6,000					6,000
Retained Earnings			3,800					2,750
		$	12,200				$	11,100
Income Statement
Service Revenue		$	39,500
Salaries and Wages Expense			37,000
Depreciation Expense			350
Income Tax Expense			1,100
Net Income		$	1,050

Additional Data:
a.	Bought new hockey equipment for cash, $600.
b.	Borrowed $1,000 cash from the bank during the year.
c.	Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash.

Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the direct method (Amounts to be deducted should be indicated with a minus sign.) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities