Use the following information to answer the next three questions.
The income statement and additional data for Frances Company for the year ended December 31. 2006. Follows
| Sales revenue | $400,000 |
| Cost of goods sold | $165,000 |
| Salary expense | $ 70,000 |
| Depreciation expense | $ 55,000 |
| Insurance expense | $ 20,000 |
| Interest expense | $ 10,000 |
| Income tax expense | $ 18,000 |
| Net income | $ 62,000 |
Accounts receivable decreased by $12,000. Inventories increased by $6,000 and accounts payable decreased by $2,000. Salaries payable increased by $8,000. Prepaid insurance increased by $4,000. Interest expense and income tax expense equal their cash amounts. Frances Company uses the direct method for its statement of cash flows.
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