Question 1

The following balances were gathered from Newport Industries general ledger.

December 31, 2014	December 31, 2015
Accounts receivable	$65,090	$62,200
Inventory	140,590	146,240
Accounts payable	31,340	45,780
Accrued liabilities	12,250	10,040
Sales	328,740
Cost of goods sold	134,040
Operating expenses (includes $7,040depreciation)	71,530
Loss on sale of land	6,260
Income tax expense	21,080

Using the indirect method, prepare the cash flows provided by operating activities section of Newport?s statement of cash flows.(Enter amounts that decrease cash using either a negative sign preceding the number e.g. -4,527 or parentheses e.g. (4,527).)