Use the direct method to determine cash flows from operating activities
The following accounts and corresponding balances were drawn from Widjaja Company's 2012 and 2011 year-end balance sheets.
Account Title | 2012 | 2011 |
Unearned revenue | $6,500 | $5,000 |
Prepaid rent | 1,800 | 2,400 |
During the year. $68,000 of unearned revenue was recognized as having been earned. Rent expense for 2012 was $15,000.
Required
Based on this information alone, prepare the operating activities section of the statement of cash flows assuming the direct approach is used.
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