Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 48,000 41,000 55,000 144,000 150,000 50,000 100,000 $ 244,000 Beginning Balance $ 57,000 44,000 50,000 151,000 140,000 35,000 105,000 $ 256,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 32,000 25,000 60,000 70,000 57,000 $ 244,000 $ 57,000 28,000 50,000 60,000 61,000 $ 256,000 During the year, Ravenna paid a $6,000 cash dividend and it sold a piece of equipment for $3,000 that had originally cost $6,000 and had accumulated depreciation of $4,000. The company did not retire any bonds or repurchase any of its own common stock during the year. What is the combined amount and direction (+ or -) of the inventory and accounts payable adjustments to net income in the operating activities section of the statement of cash flows? Amount If the company debited income tax expense and credited income taxes payable $700 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded What is the amount and direction (+ or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? Amount 10. Would the operating activities section of the company's statement of cash flows contain an adjustment for a gain or a loss? What would be the amount and direction (+ or - ) of the adjustment? 11. What is the amount of net cash provided by (used in) operating activities in the company's statement of cash flows? Net cash operating activities