Required Refer to the information in Problem 17-3A. Prepare a statement of cash flows for 2014 using the direct method to report cash inflows and outflows from operating activities. Other information:
a. All sales are credit sales. b. All credits to accounts receivable in the period are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable in the period result from payments for merchandise. e. Other operating expenses are cash expenses. f. Income taxes are cashexpenses.