Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 333, 184 Depreciation expense 58,368 Rent expense 65,664 Amortization expenses-Patents 7,296 Utilities expense 26,752 $ 2,432,000 1,191,680 1,240,320 Gain on sale of equipment Net income 491,264 749,856 9,728 $ 758,784 Accounts receivable Inventory $ 41,100 increase Accounts payable 13,050 increase Salaries payable $ 10,250 decrease 4,950 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) X Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers Payments for inventory Payments for salaries Payments for rent Payments for utilities OOOOO Net cash provided by operating activities S 0