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A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 62,700 Accounts receivable, net 27,000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,800 Furniture 70,500 Accumulated depreciation-Furniture (10,900) Total assets $ 209,400 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1,000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 152,200 Retained earnings 19,700 Total liabilities and equity $ 209,400 $ 15,700 33,300 62,500 2,900 114,400 82,200 (6,200) $ 190,400 $ 14,000 3,300 1,800 19,100 47,800 66,900 123,000 500 $ 190,400 CRUE, INCORPORATED Income Statement Tor Year Ended December 31, 2021 Salon Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Not Income 5 326,000 209.800 116.200 59,500 25,100 31.600 11.500 $ 20,100 QS 16-28B (Algo) Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Use the above balance sheet and income statement to prepare the operating activities section by direct method Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Receipts from sales to customers Payments for inventory Payments for other expenses Payments for taxes Not cash provided by operating activities $ The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 298,523 Depreciation expense 52,296 Rent expense 58,833 Amortization expenses-Patents 6.537 Utilities expense 23,969 $ 2,179,000 1,067,710 1,111,290 Gain on sale of equipment Net Income 440,158 671,132 B. 716 5.679,848 Accounts receivable Inventory $ 31,250 Increase Accounts payable 12,300 increase salarios payable $ 14,650 decrease 1, 750 decreaso Prepare the operating activities section of the statement of cash flows using the direct method (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers Payments for inventory Payments for salaries Payments for rent Payments for this Net cash provided by operating activities