Cash Flows from $($Used for$)$ Operating Activities$$Direct Method

The income statement of Booker T Industries Inc. for the current year ended June $30$ is as follows:

Sales $$382,300$

Cost of merchandise sold $217,070$

Gross profit $$165,230$

Operating expenses:

Depreciation expense $$29,340$

Other operating expenses $77,560$

Total operating expenses $106,900$

Income before income tax $$58,330$

Income tax expense $16,180$

Net income $$42,150$

Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:

Increase

Decrease

Accounts receivable $($net$)$ $$(8,470)$

Inventories $2,950$

Prepaid expenses $(2,820)$

Accounts payable $($merchandise creditors$)(6,030)$

Accrued expenses payable $($operating expenses$)840$

Income tax payable $(2,020)$

Question Content Area

a$.$ Prepare the Cash Flows from $($used for$)$ Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Booker T Industries Inc.

Cash Flows from Operating Activities Section

For the year ended on June $30$

Cash flows from $($used for$)$ operating activities:

Cash received from customers

$Cash received from customers

$390,770$

Cash paid for merchandise

Cash paid for merchandise

Cash paid for operating expenses

Cash paid for operating expenses

Cash paid for income taxes

Cash paid for income taxes

Net cash flow from operating activities $fill in the blank d$3673$afc$306804$a$\_9$