Reference no: EM132668518

Question - Colassard Industries has the following data available for preparation of its statement of cash flows:

Sales revenue $385,800

Cost of goods sold 203,100

Wages expense 62,400

Insurance expense 13,780

Interest expense 15,150

Income taxes expense 27,400

Accounts receivable, decrease 15,600

Inventory, increase 8,710

Prepaid insurance, increase 1,550

Accounts payable, increase 3,680

Notes payable, increase 40,000

Interest payable, increase 1,240

Wages payable, decrease 6,700

Required - Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. Use a minus sign to indicate any decreases in cash or cash outflows.