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Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash Accounts receivable Inventory Ending Balance $ 89,000 Beginning Balance $ 106,750 71,500 77,000 96,000 87,500 256,500 271,250 255,000 245,000 85,000 61,250 170,000 183,750 Total current assets Property, plant, and equipment Less accumulat ed depreciatio n Net property, plant, and equipment Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholde rs' equity $ 426,500 $ 455,000 $ 56,000 $ 99,500 43,500 105,000 87,500 122,500 105,000 99,500 $ 57,000 106,000 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or repurchase any of its own common stock during the year. 1. Required information Foundational 14-7 7-a. What is the combined amount and direction (+ or ) of the inventory and accounts payable adjustments to net income in the operating activities section of the statement of cash flows? 7 - What does this amount represent? b. Cash paid to suppliers > Cost of goods sold Cash paid to suppliers Purchases 2. Required information Foundational 14-9 9-a. What is the amount and direction (+ or ) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? 9-b. What does this adjustment represent? 3. Required information Foundational 14-14 14.What is the amount of gross cash inflows reported in the financing section of the company's statement of cash flows