Answer Happy

Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 30 $ 122 Accounts receivable : 190 138 Prepaid insurance 13 9 Inventory 254181 Buildings and equipment 455 356 Less: Accumulated depreciation (125) (246) Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable Shareholders' Equity Common stock Retained earnings $ 817 $ 97 12 56 162 406 84 $ 817 RED, INC. Statement of Income For Year Ended December 31, 2021, (5 in millions) Revenues $2,000 Sales revenue Expenses Cost of goods sold Depreciation expense Operating expenses 486 1,961 Net income $ 119 Additional information from the accounting records: $1,444 31 $ 560 $ 112 21 0 0 406 21 $ 560
Required: Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in million (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) RED, INC. Statement of Cash Flows For year ended December 31, 2021 ($ In millions). Cash flows from operating activities: Cash inflows: Cash outflows: $ Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 $ 0 0 0 0 0