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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 $ 20,710
Expenses
Cost of goods sold $ 9,200
Depreciation expense 2,930
Salaries expense 4,230
Rent expense 2,860
Insurance expense 970
Utilities expense 870
Interest expense on bonds 450
Loss on sale of investments 790 22,300
Net loss $ (1,590 )

SELECTED BALANCE SHEET ACCOUNTS
Current Year Prior Year
Merchandise inventory $ 102 $ 74
Accounts receivable 458 544
Accounts payable 259 212
Salaries payable 35 21
Rent payable 14 28
Prepaid rent 19 22
Prepaid insurance 23 8

Other Data:

The company issued $15,000, 6 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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