Consider the following information:Income Statement Information:?Other Information:Net Sales Revenue$200,000 ?Increase in Accounts Receivable$ 200Cost of Goods Sold 60,000 ?Decrease in Inventory600Gross Margin 140,000 ?Increase in Prepaid Expense700Salary Expense60,000 ?Decrease in Accounts Payable2,200Depreciation Expense30,000 ?Decrease in Accrued Liabilities800Other Expense 20,000 ?Increase in Income Taxes Payable1,900Net Income Before Tax30,000?Reduction of Long-Term Debt13,700Income Tax Expense 9,000 ?Purchases of Equipment29,000Net Income$ 21,000????????Required:Use the direct method to compute the amount of net cash flows provided by (used in) operating activities.
What will be an ideal response?
| Cash Flows from Operating Activities | ? | ? | ? |
| Cash collected from customers | $199,800 | ? | ($200,000 ? $200) |
| Cash paid to employees | (60,000 | ) | ? |
| Cash paid to suppliers of inventory | (61,600 | ) | ($60,000 ? $600 + $2,200) |
| Cash paid for other expenses | (21,500 | ) | ($20,000 + $700 + $800) |
| Cash paid for income tax | (7,100 | ) | ($9,000 ? $1,900) |
| Net cash flow from operating activities | $ 49,600 | ? | ? |
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