Lettington Services, Ltd$.$ provided the following comparative balance sheets and income statement for the current year.

$($Click the icon to view the balance sheets.$)($Click the icon to view the statement of net income.$)$

$($Click the icon to view the additional information.$)$

Requirement

Prepare the statement of cash flows for Lettington Services, Ltd$.$ under the direct method. Assume accrued liabilities relate to Selling, General and Administrative Expenses.

Income Statement

Complete the statement one section at a time, beginning with the cash flows from operating activities. $($Use parentheses or a minus si not used in the statement leave the field empty; do not select a label or enter a zero.$)$

Ferragosto Services, Ltd$.$

Statement of Cash Flows $($Direct Method$)$

For the Year Ended December $31$

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