QUESTION 7Balances of the current asset and current liability accountsat the end and beginning of the year are as follows:EndBeginningCash$ 62,000$73,000Accounts receivable (net)75,00060,000Inventories54,00047,000Accounts payable(merchandise creditors)43,00037,000Salaries payable2,8003,800Sales (on account)210,000Cost of merchandise sold70,000Operating expenses other than depreciation67,000Use the direct method to prepare the cash flows from operatingactivities section of a statement of cash flows.
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