QUESTION 3 Partially correct Mark 1.00 out of 20.00 P Flag question Operating Cash Flows (Direct Method) Lincoln Company owns no plant assets and reported the following income statement for the current year: Sales Cost of goods sold Wages expense Rent expense $700,000 $425,000 110,000 38,000 15,000 Insurance expense 588,000 Net income $112,000 Additional balance sheet information about the company follows Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable End of Year $56,000 60,000 7,000 22,000 11,000 Beginning of Year $48,000 66,000 5,000 18,000 15,000 Calculate the net cash flow from operating activities using the direct method. Show a related cash flow for each revenue and expense. Use negative signs in answers below to show a decrease in cash