Befuddled Corporation collected the following information on inflows and outflows for 2009:

Inflows

Cash collections from sales ...............$941,500

Proceeds from sale of equipment ............ 7,000

Proceeds received from issuance of notes payable ...... 50,000

Outflows

Cash payments for cost of goods sold ...........$523,900

Cash payments for operating expenses .......... 173,200

Cash payments for interest ................ 38,600

Cash payments for income taxes ............. 41,300

Cash payments for purchases of equipment ........ 209,000

Repayment of short-term notes payable .......... 15,000

Payment of cash dividends ............... 48,000

Befuddled had a cash balance of $89,200 on 1/1/09.

Required:

Prepare a statement of cash flows, using the direct method to determine net cash flow from operating activities.