QUESTION 2 Not yet answered Marked out of 1.00 P Flag question Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2015, Beyer GMBH had the following summary information available concerning its operating activities. The company had no investing or financing activities this year. 1. Sales of merchandise to customers on credit 2. Sales of merchandise to customers for cash 3. Cost of merchandise sold on credit 4. Cost of merchandise sold for cash 5. Purchases of merchandise from suppliers on credit 351,600 6. Purchases of merchandise from suppliers for cash 47,700 7. Collections from customers on accounts receivable 483,400 8. Cash payments to suppliers on accounts payable 34,0 9. Operating expenses (all paid in cash) 507,400 91,500 320,100 63,400 72,300 Required a. Enter the items above into the Financial Statement Effects Template. Under noncash assets, use separate columns for accounts receivable and inventories. Calculate the totals for each column. Balance Sheet Income Statement Cont'd Accounts Receivable Earned Capital Accounts Transaction Cash Asset+ +Inventories Revenue Expenses Net Income Payable Capital * 4 Totals b. What was the company's net income for the year? What was the cash flow from operating activities? (Use the direct method.) c. Indicate the direction and amounts by which each of the following accounts changed during the year. If the account decreased, enter as a negative number. . Accounts receivable 2. Merchandise inventory 3. Accounts payable d. Using your results above, prepare the operating activities section of the statement of cash flows using the indirect format. Net income Change in accounts receivable Change in inventories Change in accounts payable Cash flow from operating activities