Chapter 11 Practice Quiz eBook Calculator Exercise 11-48 (Appendix 11A) Preparing Net Cash Flows from Operating Activities--Direct Method Colassard Industries has the following data available for preparation of its statement of cash flows: Sales revenue Cost of goods sold Wages expense $385,800 203,100 62,400 13,780 15,150 27,400 Insurance expense Interest expense Income taxes expense Accounts receivable, decrease 15,600 8,710 Inventory, increase Prepaid insurance, increase Accounts payable, increase 1,550 O Notes payable, increase Interest payable, increase Wages payable, decrease No O 40,000 1,240 6,700 O Wages payable, decrease 6,700 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. Use a minus sign to indicate any decreases in cash or cash outros. Colassard Industries Statement of Cash Hows (Partial) Uking Direct Method Cash flows from operating activities: Cash collected from customers 401,400 Cash paid to suppliers Cash payments to employees Cash payments for insurance Cash payments for interest cash payments for income taxes Net cash provided by operating activities