Omega Company's accountants have just completed the income statement and balance sheet for the year and provided the following information: INCOME STATEMENT Sales Revenue COGS Gross Profit Depreciation Expense Salaries Expense Rent Expense Insurance Expense Utilities Expense Interest Expense Loss on Sale of Investments Net Loss TL 22.600.000 (10.500.000) 12.100.000 (2.000.000) (4.070.000) (3.200.000) (1.100.000) (850.000) (450.000) (650.000) (220.000) SELECTED BALANCE SHEET ACCOUNTS 2015 2016 Inventory TL 65.000 TL 150.000 Accounts Receivable 620.000 440.000 Accounts Payable 212.000 285.000 Salaries Payable 23.000 38.000 Rent Payable 10.000 4.000 Prepaid Rent 7.000 6.000 Prepaid Insurance 4.000 17.000 Prepare cash flows from operating activities section of the statement of cash flows using direct method. ANSWER: OMEGACOMPANY Cash Flows from Operating Activities Direct Method Cash flows from operating activities: Cash receipts from customers Cash payments to suppliers..... Cash payments for salaries Cash payments for rent.... Cash payments for insurance Cash payments for utilities Cash payments for interest... Net cash provided by operating activities