E12-21 (Algo) (Supplement A) Reporting Cash Flows from Operating Activities from an Analyst's Perspective (Direct Method) The following information pertains to Peak Heights Company: $ 85,800 Income Statement for Current Year Sales Expenses Cost of goods sold $51,975 Depreciation expense 7,600 Salaries expense 10,100 Net income 69,575 $ 16,225 Partia Balance Sheet hccounts receivable Inventory Solari payable Current Prior year Year $10,000 $.15,800 12,900 9,300 1,780 880 cos Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the direct method. (List cash outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Confowstrom operating activities