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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 $ 20,720
Expenses
Cost of goods sold $ 9,130
Depreciation expense 3,090
Salaries expense 4,250
Rent expense 2,920
Insurance expense 910
Utilities expense 760
Interest expense on bonds 720
Loss on sale of investments 830 22,610
Net loss $ (1,890 )

SELECTED BALANCE SHEET ACCOUNTS
Current Year Prior Year
Merchandise inventory $ 97 $ 73
Accounts receivable 457 543
Accounts payable 263 226
Salaries payable 35 19
Rent payable 5 10
Prepaid rent 18 21
Prepaid insurance 21 9

Other Data:

The company issued $24,000, 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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