UNIT 10 Study exercises QUESTION 10.1 (20 marks) Presented below is the latest income statement of 3XU Corp.: Sales $570,000 Cost of goods sold 337,500 Gross profit $ 232,500 Operating expenses 127,500 Income before income taxes 105,000 Income taxes 42.000 Net income $63.000 In addition, the following information related to net changes in working capital is available: Debit Credit Cash $ 18,000 Accounts receivable (net) 12,000 Inventories $ 29,100 Salaries payable (operating expenses) 9,000 Accounts payable 13,500 Income tax payable 4,500 3XU Ltd. also reports that depreciation expense for the year was $ 20,550 and that the deferred tax liability account increased $ 3,900. Required a. Prepare a schedule calculating the net cash flow from operating activities that would be shown on a statement of cash flows using the direct method