Assignment #10 Saved Help Save & Exit Submit The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. Some elements necessary to complete the schedule are missing Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indicated with a minus sign.) Income Statement Sales Gain on sale of equipment Cost of goods sold Salaries expense Cash flows from Operating Activities Indirect Method Direct Method Net income Adjustments S 487 Decrease in accounts receivable 23 Cash received from customers 41 Gain on sale of equipment (41) (Not reportedno cash effect) Increase in inventory (29) 197 Increase in accounts payable 35 Cash paid to suppliers (76) 23 Cash paid to employees (26) Depreciation expense 26 Cash paid for depreciation 32 Decrease in bond discount 6 Cash paid for interest (55) Decrease in prepaid insurance 26 Cash paid for insurance (23) Loss on sale of land 23 (Not reported-no cash effect) (61) Increase in income tax payable Cash paid for income taxes 5 516 Net cash flows from operating activities S 173 Net cash flows from operating activities (26) Depreciation expense Interest expense Insurance expense Loss on sale of land Income tax expense Net Income (38) 173 $