Question

The following cash flows and other information pertain to Elon Company for 2020: Collections from customers...

The following cash flows and other information pertain to Elon Company for 2020:

Collections from customers $65,000
Cost of goods sold 46,000
Decrease in inventory 8,000
Depreciation expense 1,500
Dividends received 1,000
Interest collected 2,500
Net income 12,000
Payments of interest 3,500
Payments to suppliers 12,000
Proceeds from sale of equipment 15,000
Proceeds from sale of stock 25,000

Required:

Prepare the operating activities section of the statement of cash flows for 2020, using the direct method. Enter amounts that represent cash outflows as negative numbers.

Elon Company
Statement of Cash Flows (Partial)
For Year Ended December 31, 2020
Operating Activities:
Cash Inflows:
$
$
Cash Outflows:
$
$
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