Help Save & The following information pertains to Peak Heights Company Income Statement for Current Year Sales $86,700 Expenses Cost of goods sold $51,675 Depreciation expense 6,700 Salaries expense 11,480 69,775 Net income $16,925 year Partial Balance Current Prior Sheet year Accounts receivable $ 10,300 $ 14,900 Inventory 12,500 9,900 Salaries payable 1,750 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the direct method. (List cash outflows os negative amounts.) Salaries payable 1,750 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the outflows as negative amounts.) 8 PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: $ 0