Required Refer to the information in Problem 17-5A. 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. Purchases of merchandise are on credit. d. All debits to accounts payable in the period result from payments for merchandise. e. The only decrease in income taxes payable is for payment of taxes. f. The other expenses are paid in advance and are initially debited to PrepaidExpenses.