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Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands) INCOME
Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands) INCOME STATEMENT 20,780 Sales revenue Expenses 9,220 Cost of goods sold 2,920 Depreciation expense Salaries expense 4,100 2,820 Rent expense 920 Insurance expense Utilities expense 900 Interest expense on bonds 1,000 Loss on sale of investments 770 22,650 (1,870 Net loss SELECTED BALANCE SHEET ACCOUNTS Prior Current Year Year Merchandise inventory 71 92 Accounts receivable 530 452 259 Accounts payable 228 Salaries payable 17 36 Rent payable 11 Prepaid rent Prepaid insurance 13 31 Other Data: The company issued $25,000, 8 percent bonds payable at par during the year. Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (List cash outflows as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from operating Activities Direct Method Cash flows from operating activities
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