The Income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: Sales $220,950 76,240 $144,710 Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income before income tax Income tax expense $19,080 57,300 76,380 $68,330 19,770 Net Income $48,560 End of Year Beginning of Year $17,020 $15,500 Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable 45,690 7,190 33,510 9,470 1,800 39,750 7,910 31,100 10,320 1,800 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate flows, cash payments, decreases in cash, or any negative adjustments. Rhino Company Cash Flows from Operating Activities Section For the year ended on June 30 Cash flows from operating activities: Cash received from customers Cash payments for merchandise 5 218.630 Cash payments for operating expenses Cash payments for income taxes -19.770 Net cash flow from operating activities
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