Operating Cash Flows (Direct Method) The Washington Company owns no plant assets and had the following income statement for the year: Sales revenue $900,000 Cost of goods sold $470,000 Wages expense 120,000 Rent expense 50,000 Insurance expense 15,000 655,000 Net income $245,000 Additional information about the company includes: Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable End of Year Beginning of Year $54,000 $51,000 60,000 76,000 7,000 24,000 18,000 7,000 11,000 8,000 Calculate the cash flow from operating activities using the direct method. Show a related cash flow for each revenue and expense. Hint: Remember to enter cash outflow answers (transactions that reduce cash) and expenses (COGS and wages) as negative numbers. 0 Sales Revenue Accounts Receivable Increase Cash Received from Customers Cost of Goods Sold Inventory Decrease Accounts Payable Increase Cash Paid for Merchandise Purchased $ Wages Expense Wages Payable Decrease Cash Paid to Employees Insurance Expense Prepaid Insurance Increase Cash Paid for Insurance Cash Flow from Operating Activities Cash Received from Customers Cash Paid for Merchandise Purchased Cash Paid to Employees Cash Paid for Rent Cash Paid for Insurance Cash Provided by Operating Activities $