Appendix ) Preparing Net Cash Flows from Operating Activities-Direct Method Colassard Industries has the following data available for preparation of its statement of cash nows: Sales revenue341,200 Inventory, increase5,710 of goods soldPrepaid insurance, increase 2,100 Wages expense58,400 Accounts payable, increase 5,680 Insurance expense 8,300Notes payable, increase 32,000 Interest expense 20,800 Interest payable, increase 3,125 Income taxes expense 16,370 Wages payable, decrease5,400 Accounts receivable, decrease 14,300 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the direct methodUse a minus sign to indicate any decreases in cash or Colassard Industries Statement of Cash Flows (Partial Using Direct Method Cash flows from operating activities Cash collected from customers Cash paid to suppliers Cash payments to employees Cash payments for insurance Cash payments for interest payments for income taxes Net cash provided by operating activities