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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
Sales revenue $ 20,730
Expenses
Cost of goods sold $ 9,130
Depreciation expense 3,000
Salaries expense 4,160
Rent expense 2,910
Insurance expense 950
Utilities expense 770
Interest expense on bonds 920
Loss on sale of investments 740 22,580
Net loss $ (1,850 )

SELECTED BALANCE SHEET ACCOUNTS
Current Year Prior Year
Merchandise inventory $ 95 $ 69
Accounts receivable 450 544
Accounts payable 251 213
Salaries payable 36 22
Rent payable 7 14
Prepaid rent 4 7
Prepaid insurance 26 9

Other Data:

The company issued $23,000, 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.)

2. Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (List cash outflows and losses as negative amounts. Enter your answers in thousands.)

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