stud no. 840

The Statement of financial account balances as at December 31, 2019 and 2018 and Income Statement of Ravioli Inc. are presented below: Statement of Financial Position Account Balances December 31 2019 2018 Cash $58,XXX $18,000 Accounts receivable, net 40,000 32,XXX Inventory 42,500 38,200 67,000 88,000 Building and equipment Accumulated depreciation Accounts payable (31,000) (35,000) $21,000 $18,500 Salaries payable 3,800 7,XXX 25,000 L-T Debt Payable 0 5,000 Common shares 7,XX 119,700 110,700 Retained earnings Ravioli Inc. Income Statement For the Year Ended December 31, 2019 Sales $125,000 Cost of goods sold 48,000 77,000 7,000 Gross profit Gain on Sale of equipment Depreciation expenses Salaries expenses 8,000 41,000 16,000 Other Operating Expenses 19,000 Operating income 6,000 Income taxes $13,000 Profit Additional information: 1.) Equipment was purchased during the year for $10,000 cash. 2.) Another piece of equipment was sold during the year. It had accumulated depreciation of $ 12,000. The gain on sale of this equipment is recorded in Income statement. Prepare the cash from (for) operating activities section of the statement of cash flows for 2019 using the direct method