Cash Flows from (used for) Operating Activities - Direct Method The income statement for Stallion Company for the current year ended June 30 and balances of selected accounts at the beginning and end of the year are as follows: Sales $291,150 100,460 $190,690 Cost of merchandise sold Gross profit Operating expenses: Deprecaon expense Other operating expenses Total operating expenses Income before income tax $25,150 75,510 100,660 $90,030 Income tax expense 26,040 Net income $63,990 End of Year Beginning of Year $23,480 $20,430 60,210 52,380 Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income talk payable 9,470 44,150 12,480 10,420 40,970 13,600 2,370 2,370 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. Stallion Company Cash Flows from Operating Activities Section For the year ended on June 30 Cash flows from (used for) operating activities: Net cash flow from operating activities