New Vision Company completed its income statement and balance sheet and provided the following information: Service Revenue Expenses: Salaries and Wages Depreciation Utilities Office Net Income. $ 67,300 $ 42,650 7,430 6,130 2,350 58,560 $ 8,740 $ 13,300 6,300 Increase in Salaries and Wages Payable 10,300 4,900 Decrease in Accounts Receivable Paid cash for equipment Decrease in Accounts Payable Required: 1. Present the operating activities section of the statement of cash flows for New Vision Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. NEW VISION COMPANY Cash Flows from Operating Activities-Indirect Method Net Income 9,000 Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Depreciation 7,300 Changes in Current Assets and Current Liabilities Accounts Receivable Decrease Salaries and Wages Payable Increase Accounts Payable Decrease 000 12,000 9,000 (4,250) 000 De Phoenix Industries, Incorporated, is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2018, it reported the following activities (amounts in thousands): Net income Purchase of equipment Payments on notes payable to bank Net proceeds from stock issuance Depreciation Proceeds from sale of equipment Decrease in accounts receivable Payments to acquire treasury stock. Required: $ 64,700 17,880 490 1,4901 20,910 3,510 9,880 8,140 Based on this information, present the cash flows from the investing and financing activities sections of the cash flow statement. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands.) PHOENIX INDUSTRIES, INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31, 2018 Cash Flows from Investing Activities Cash Flows from Financing Activities: