*** using direct method ***

Portions of the financial statements for Precise Company are provided below.

Precise Company Income Statement For the Year Ended December 31, 2021 ($ in thousands)

Revenues and gains:

Sales $ 750

Gain on sale of building 11 $ 761

Expenses and loss:

Cost of goods sold $ 275

Salaries 115

Insurance 35

Depreciation 118

Interest expense 45

Loss on sale of equipment 13 601

Income before tax 160

Income tax expense 80

Net income $ 80

Precise Company Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands)

Year 2021 2020

Cash $ 129 $ 105

Accounts receivable 319 221

Inventory 326 420

Prepaid insurance 71 83

Accounts payable 205 122

Salaries payable 112 98

Interest payable 2 4

Deferred tax liability 70 57

Income tax payable 6 9

Bond discount 180 205

Determine cash inflows/ (outflows) from operating activities using the direct method

a. Cash received from customers $____________

b. Cash paid to suppliers $_____________

c. Cash paid to employees $____________

d. Cash paid for insurance $_____________

e. Cash paid for interest $_____________

f. Cash paid for income tax $_____________