Question 3 Not complete Marked out of 1.00 Flag question Analyzing Operating Cash Flows (Direct Method) Lincoln Company owns no plant assets and reported the following income statement for the current year: Sales $1,500,000 Cost of goods sold $940,000 Wages expense 220,000 Rent expense 84,000 Insurance expense 30,000 1.274,000 Net income $226,000 Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable End of Year Beg. of Year $118,800 $107,800 132,000 145,200 17,600 15,400 48,400 39,600 19,800 24,200 Calculate the net cash flow from operating activities using the direct method. Show a related cash flow for each revenue and expense. Cash Flows from Operating Activities (Direct Method) Cash Received from Customers Cash Paid for Merchandise Purchased $ Cash Paid to Employees Cash Paid for Rent Cash Paid for Insurance Net Cash Provided by Operating Activities $ Compute its operating cash flow to current liabilities (OCFCL) ratio. (Assume current liabilities consist of accounts payable and wages payable.) Round answer to two decimal places. Check