Brief Exercise 4-11 (Static) Statement of cash flows; direct method [LO4-8] The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from: Customers Interest on notes receivable Collection of notes receivable Sale of land Issuance of common stock Cash paid for: Interest on notes payable Purchase of equipment Operating expenses Dividends to shareholders $660,000 12,000 100,000 40,000 200,000 18,000 120,000 440,000 30,000 Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. Cash flows from operating activities: Cash received from customers Collection of notes receivable Interest on note receivable Cash paid for operating expenses Interest on note payable $ 660,000 100,000 12,000 (440,000) (18,000) Net cash flows from operating activities 314,000