Panella Company's Has Provided the Following Financial Information for Last

Panella Company's has provided the following financial information for last year.
$\begin{array}{ll}\text { Sales } & \$ 310,000 \\\text { Cost of goods sold } & \$ 205,000 \\\text { Operating expenses includes } \$ 10,000 \text { depreciation } & \$ 60,000 \\\text { Accounts receivable beginning/ending balances } & \$ 45,000 / \$ 32,000 \\\text { Inventory beginning/ending balances } & \$ 55,000 / \$ 60,000 \\\text { Accounts payable beginning/ending balances } & \$ 45,000 / \$ 30,000 \\\text { Accrued liabilities } & \$ 10,000 / \$ 16,000\end{array}$
Required:

Using the direct method, prepare the cash flows provided by operating activities section of the statement of cash flows.