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): $ 22,600 INCOME STATEMENT Sales revenue Expenses Cost of goods sold $ 10,500 Depreciation expense 2,000 Salaries expense 4,070 Rent expense 3,200 Insurance expense 1,100 Utilities expense 850 Interest expense on bonds 450 Loss on sale of investments 650 Net loss 22,820 $ (220) SELECTED BALANCE SHEET ACCOUNTS Current Year Merchandise inventory $ 150 Accounts receivable 440 Accounts payable 285 Salaries payable 38 Rent payable 4 Prepaid rent 6 Prepaid insurance 17 Prior Year $ 65 620 212 23 10 7 4 Other data: The company issued $30,000, 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.) 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 (in thousands) 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 $ 0 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.) OMEGA COMPANY Cash Flows from Operating Activities Indirect Method (in thousands) Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities: Total adjustments 0 $ 0