Presented below is the income statement of Lauren, Inc. for the year ended December $31,$

$2023$:

Sales $$380,000$

Cost of goods sold $225,000$

Gross profit $155,000$

Operating expenses $95,000$

Income before income taxes $60,000$

Income taxes $24,000$

Net income $$36,000$

In addition, the following information related to current assets and liabilities is provided.

$12/31/202312/31/2022$

Cash $32,00020,000$

Accounts receivable $($net$)65,00055,000$

Inventories $40,60060,000$

Salaries payable $15,00023,000$

Trade accounts payable $39,00030,000$

Income Tax Payable $15,00018,000$

The company also indicates that depreciation expense for the year was $$15,500($included

in operating expenses$).$

Required:

a$.$ Prepare a schedule computing the net cash flow from operating activities that would

be shown on a statement of cash flows using the direct method.

b$.$ Prepare a schedule computing the net cash flow from operating activities that would

be shown on a statement of cash flows using the indirect method.

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