The income statement of the Vince Gill Company is shown below. $ 6,900,000 VINCE GILL COMPANY Income Statement For The Year Ended December 31, 2017 Sales Cost of goods sold Beginning inventory $ 1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,600,000 Cost of goods sold Gross profit Operating expenses Depreciation expense 60,000 Selling expenses 420,000 Administrative expenses 670,000 Net income 4,700,000 2,200,000 1,090,000 1,110,000 $ Additional information: 1. Accounts receivable balance 2. Prepaid expenses balance 3. Accounts payable balance 4. Accrued expenses balance $ $ A 12/31/2017 12/31/2016 440,000 $ 800,000 470,000 $ 300,000 375,000 $ 650,000 180,000 $ 280,000 A A Instructions: Prepare the operating activities section of the statement of cash flows using the direct method. Numbers being subtracted should be shown in parentheses. Calculation of amounts: Cash receipts from customers Add/Less: Cash receipts from customers Cash payments to suppliers Add/Less: Add/Less: Cash payments to suppliers Cash payments for operating expenses Add/Less: Add/Less: Cash payments for operating expenses VINCE GILL COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities Total Net cash provided by operating activities