Exercise 12-18B Direct: Cash flows from operating activities LO P5 Using the following income statement and additional year-end information. k SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $303,455 Depreciation expense 53, 160 Rent expense 59,805 Amortization expenses-Patents 6,645 Utilities expense 24, 365 $2,215,000 1,085, 350 1, 129, 650 Gain on sale of equipment Net income 447, 430 682, 220 8,860 691,080 ces Accounts receivable Inventory $27,050 increase 32,150 increase Accounts payable Salaries payable $14,425 decrease 2,800 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (An indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers $ 0