STATEMENT OF CASH FLOWS - HOMEWORK 3 CALCULATIONS: Refer to the previous page to help complete this exercise. Using the same analysis used for the direct method for the statement of cash flows, indicate the amount of the cash inflow or cash outflow for each of the following items. Assume that inventory is purchased on account (i.e., using accounts payable). The T-accounts below can be used to help perform account analysis to back into the amounts of the cash flows. There is space beneath the T-accounts to record journal entries if that is helpful in the analysis. Item description Amount 1. Cash received from customers $ 2. Cash paid for inventory $ 3. Cash paid for income taxes $ 4. Cash paid for salaries $ 5. Cash paid for dividends $ 6. Cash paid for interest $ Accounts Receivable Inventory Accounts Payable 53,000 47,500 49,000 60,000 35,500 72,500 A/R $ COGS $ SALES $ INVENTORY $ CASH $ INVENTORY $ A/R $ A/P $ A/P $ CASH $ Income Tax Payable Salary Payable 850 8,250 2,000 6,500 INC. TAX EX. $ SALARY EX. $ INC. TAX PAY. $ SALARY PAY. $ INC. TAX PAY. $ SALARY PAY. $ CASH $