PART A (9 MARKS)

The following income statement and additional information for Shannon, Inc. is relevant to the statement of changes in financial position.

	Income Statement	Additional Information
Cost of goods sold	(300,000)	Increase in Inventory	$5,000
Operating expenses	(140,000)	Decrease in Acct/Pay	$8,000
Net income	60,000	Increase in Accrued Oper. Exps	$6,000

Required: Prepare a schedule showing cash from operations (direct method). (1 mark for each entry)