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 $ 2,286,000 cost of goods sold 1. 120, 140 Gross profit 1,165,860 Operating expenses Salaries expense $ 313,182 Depreciation expense 54,864 Rent expense 61,722 Amortization expenses-Patents 6,856 utilities expense 25, 146 461,772 704,08 Gain on sale of equipment 9,144 Net income $713,232 Accounts receivable $ 33, 400 Increase Accounts payable 1 11,275 decrease Inventory 10,025 increase salaries payable 4.600 decreto 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.) Accounts receivable $ 33, 400 increase Accounts payable $ 11,275 decrease Inventory 10,025 increase salaries payable 4,800 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.) Statement of Cash Flows (Partial Cash flows from operating activities