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 Cost of merchandise sold $264,540 91,280 Gross profit $173,260 Operating expenses: Depreciation expense $22,850 Other operating expenses 68,610 Total operating expenses 91,460 Income before income tax $81,800 Income tax expense Net income 23,660 $58,140 End of Year Beginning of Year Accounts receivable (net) Inventories $21,340 $18,570 54,710 47,600 Prepaid expenses 8,600 9,460 Accounts payable (merchandise creditors) 40,120 37,230 Accrued expenses payable (operating expenses) 11,340 12,360 Income tax payable 2,150 2,150 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