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Based on the following income statement and balance sheet for Botanical Genetics Corporation, determine the cash flows from operating activities using the direct method.
Botanical Genetics Corporation
Income Statement
For Year Ended December 31, 2013
Sales
$504,000
Cost of goods sold
327,600
Depreciation
42,000
Other operating expenses
125,500
(495,100)
Other gains (losses):
Gain on sale of equipment
7,200
Income before taxes
16,100
Income tax expense
(4,800)
Net income
$ 11,300
Balance Sheets
At December 31
2013
2012
Cash
$64,650
$55,800
Accounts receivable
21,000
29,000
Inventory
58,000
52,100
Equipment
240,000
222,000
Accumulated depreciation
(106,000)
(96,000)
Total assets
$277,650
$262,900
Liabilities:
Accounts payable
$28,400
$23,700
Income taxes payable
1,050
1,200
Total liabilities
$29,450
$24,900
Equity:
Common stock
$106,000
CC in excess
18,000
Retained earnings
124,200
114,000
Total equity
$248,200
$238,000
Total liabilities and equity
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