Rapture Company’s 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands).
RAPTURE COMPANY Selected Balance Sheet Accounts | ||
At December 31 | 2011 | 2010 |
Accounts receivable | $380 | $390 |
Inventory | 99 | 77 |
Accounts payable | 120 | 130 |
Salaries payable | 44 | 35 |
Utilities payable | 11 | 8 |
Prepaid insurance | 13 | I4 |
Prepaid rent | 11 | 9 |
RAPTURE COMPANY Income Statement For Year Ended December 31 , 2011 | |
Sales revenue | $58,600 |
Expenses |
|
Cost of goods sold | 21,000 |
Depreciation expense | 6,000 |
Salaries expense | 11,000 |
Rent expense | 2,500 |
Insurance expense | I,900 |
Interest expense | 1,800 |
Utilities expense | 1,400 |
Net income | $13,000 |
Required
Prepare the cash flows from operating activities section only of the company’s 2011 statement of cash flows using the indirect method.
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