Waldorf Co. had the following transactions during the month of October 2014 Cash received from bank loans was $60,000. Dividends of $18,500 were paid…

Waldorf Co. had the following transactions during the month of October 2014

Cash received from bank loans was $60,000.

Dividends of $18,500 were paid to stockholders in cash.

*Revenues earned and received in cash amounted to $100,500.

Expenses incurred and paid were $78,000.

Refer to the information above. For the month of October, net cash flows from operating activities for Waldorf were: