Operating Cash Flows (Direct Method) Lincoln Company owns no plant assets and reported the following income statement for the current year: Sales $ 770,000 Cost of goods sold $ 420,000 Wages expense 110,000 Rent expense 37,000 Insurance expense 10,000 577,000 Net income $ 193,000 Additional balance sheet information about the company follows: End of Year Beginning of Year Accounts receivable $ 53,000 $ 49.000 Inventory 60.000 62.000 Prepaid insurance 8,000 7.000 Accounts payable 25.000 18,000 Wages payable 9,000 10,000 Calculate the net cash flow from operating activities using the direct method. Show a related cash flow for each revenue and expense. Use a negative sign with your answer to show that a change in account reduced cash received or cash paid. Sales S 0 0 Accounts Receivable Cash Received from Customers S 0 Cost of Goods Sold s 0 0 Inventory Accounts Payable Cash Paid for Merchandise Purchased S 0 Wages Expense S Wages Payable Cash Paid to Employees S 0 0 0 0 Insurance Expense s Prepaid Insurance Cash Paid for Insurance S 0 0 S Do not use negative signs for this portion of the problem Operating Activities Cash Received from Customers S 0 Cash Paid for Merchandise Purchased 0 Cash Paid to Employees 0 Cash Paid for Rent 0 Cash Paid for Insurance 0 0 Net Cash Provided by Operating Activities S 0