4) Using the same information you used in Question 3), calculate Jackson Ski Haus' operating section of the Statement of Cash Flows using the direct method. Note that the investing and financing sections are identical between the indirect and direct methods. I will be calling on students to present their calculations for the following items: a) Operating cash receipts b) Operating cash payments JACKSON SKI HAUS COMPARATIVE BALANCE SHEET Dci 31 2017 Cash $ 2.300 Accounts receivable 103.000 Short-term investments Available-for-sale) 96.000 Inventortes 91.000 Prepaid insurance 4.000 Ski equipment 0.000 Accumulated depe-equipment (23,500) Trademarks 79,000 Total assets S441,000 Accounts pavable $ 92,200 Income taxes payable 21.800 Wages payable 4,000 Short-term loans payable to bank 23.500 Long-term loans payable 75.000 Common stock. Si par 1000 Addibonal paid in capital 20.000 Retained caring 104,500 Total liabilities te equity SH 1.000 2016 $4.000 97.00 121.000 34,00 5,000 13,000 (18,000) 83.000 $3969/ANNO $ 75,000 15.700 0.000 - 125.000 100,000 20.000 45.300 $340,000 JACKSON SKI HAUS INCOME STATEMENT FOR THE YAR ENDING. Dices 31, 2017 Sales $540,200 Cost of goods sold 302.000 Cross margin 275,200 Operating expenses 4. Operating income 144.200 Interest expense 520,500 Loss on sale of equipment 4.000 24.500 Income before income tax 119,700 Income tax experte 40.500 Net income $ 79,20 Additional information: 1. Dividends in the amount of $20,000 were declared and paid during 2017 2 Depreciation expense and amortization expense are included in operating expenses 3. Equipment that had a cost of $25,000 and was 20% depreciated was sold during 2017