Cash flows from (used for) operating activities-direct method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and Sales Cost of goods sold Gross profit Operating expenses: $445,500 (154,000) $291,500 Depreciation expense $38,500 Other operating expenses 115,280 Total operating expenses (153,780) Income before income tax $137,720 Income tax expense Net income (39,600) $98,120 E End of Year Beginning of Year Accounts receivable (net) Inventories Prepaid expenses $36,300 $31,240 92,400 80,300 14,520 15,840 Accounts payable (merchandise creditors) 67,540 62,700 Accrued expenses payable (operating expenses) 19,140 20,900 Income tax payable 4,400 4,400 ting activities" sec state of cash flows using the direct method. Use the minus Net income $98,120 End of Year Beginning of Year Accounts receivable (net) Inventories $36,300 $31,240 92,400 80,300 Prepaid expenses 14,520 15,840 Accounts payable (merchandise creditors) 67,540 62,700 Accrued expenses payable (operating expenses) 19,140 20,900 Income tax payable 4,400 4,400 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 Rhino Company Cash Flows from Operating Activities Section For the year ended on June 30 Line Item Description Cash flows from (used for) operating activities: Amount Amount