Examine the data for Cascade Tiles, Inc., in Problem. Support the operating section of your cash flow statement by using a form of the balance sheet equation.

Cascade Tile is a wholesale distributor of ceramic tiles. Its cash balance on December 31, 20X0, was $226,000, and net income for 20X1 was $312,000. Its 20X1 transactions affecting income or cash follow ($ in thousands):

In Problem, 1. Sales of $1,500 were all on credit. Cash collections from customers were $1,390.

2. The cost of items sold was $800. Purchases of inventory on account totaled $850; inventory and accounts payable were affected accordingly.

3. Cash payments on trade accounts payable totaled $815.

4. Accrued salaries and wages: total expense, $190; cash payments, $200.

5. Depreciation was $45.

6. Interest expense, all paid in cash, was $13.

7. Other expenses, all paid in cash, totaled $100.

8. Income taxes accrued were $40; income taxes paid in cash were $35.

9. A warehouse was purchased for $435 cash.

10. Long-term debt was issued for $125 cash.

11. Cash dividends of $41 were paid.

Use the equation Cash = Liabilities + Retained Earnings - Noncash Assets, and show how the direct-method and indirect-method statements arrive at the same total cash provided by operating activities.