Print Item Question Content Area The Percy's Landing Co. reported the following condensed income statement for 2020: Percy's Landing CO. Condensed Income Statement For the Year Ended December 31, 2020 Sales $305,000 Cost of Goods Sold 150,000 Gross Profit $155,000 Operating Expenses: Depreciation $42,000 Insurance expense 5,000 Salaries expense 80,000 127,000 Income before taxes $28,000 Income tax expense 6,000 Net Income $22,000 Also during 2020, the company's current assets and current liabilities changed as follows: Increase (Decrease) Cash $49,500 Accounts receivable 11,000 Inventory 17,500 Prepaid insurance (3,500) Accounts payable (purchases) 35,000 Salaries payable 2,500 Income taxes payable (1,500) Required: Prepare the Net Cash Flow from Operating Activities section of the statement of cash flows for 2020, using the direct method. Use a minus sign to indicate cash outflows or decreases in cash. Percy's Landing CO. Statement of Cash Flows (Partial) For Year Ended December 31, 2020 Cash Flows from Operating Activities: Cash Inflows: Collections from customers $Collections from customers 155,000 Cash Outflows: Payments to suppliers $Payments to suppliers Payments for insurance Payments for insurance Payments to employees Payments to employees Payments for income taxes Payments for income taxes 4,500 Payments for income taxes Net cash provided by operating activities $Net cash provided by operating activities 2,200 Check My Work