Required information (The following information applies to the questions displayed below.) 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 and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 56,200 47,100 63,200 166,500 171,000 57,000 114,000 $ 280,500 Beginning Balance $ 66,950 50,600 57,500 175,050 161,000 40, 250 120,750 $ 295,800 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 36,800 28,700 69,000 80,500 65,500 $ 280,500 $ 65,500 33,800 57,500 69,000 70,000 $ 295,800 During the year, Ravenna paid a $6,900 cash dividend and it sold a piece of equipment for $3,450 that had originally cost $7,200 and had accumulated depreciation of $4,800. The company did not retire any bonds or repurchase any of its own common stock during the year. 4-a. If the company debited Accounts Receivable and credited Sales for $690,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? 4-b. What does the amount of these credits represent? Complete this question by entering your answers in the tabs below. Req 4A Req 4B If the company debited Accounts Receivable and credited Sales for $690,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? Amount of credits recorded 6-a. If the company debited cost of goods sold and credited inventory for $460,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T-account? 6-b. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 6A Req 6B Req 6C If the company debited cost of goods sold and credited inventory for $460,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T- account? Purchases Req 6A Reg 6B Reg 6C What is the total amount of the debits recorded in the Accounts Payable T-account during the year? Total amount of debits recorded 7-a. 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? 7-b. What does this amount represent? Complete this question by entering your answers in the tabs below. Req 7A Req 7B 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 8-a. If the company debited income tax expense and credited income taxes payable $820 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 8A Req 8B If the company debited income tax expense and credited income taxes payable $820 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded 9-a. 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? 9-b. What does this adjustment represent? Complete this question by entering your answers in the tabs below. Req 9A Req 9B 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 12. What is the amount of gross cash outflows reported in the investing section of the company's statement of cash flows? Gross cash outflows 13. What is the company's net cash provided by (used in) investing activities? Net cash investing activities 14. What is the amount of gross cash inflows reported in the financing section of the company's statement of cash flows? Gross cash inflows 15. What is the company's net cash provided by (used in) financing activities? Net cash financing activities