The current sections of Leach Inc.’s balance sheets at December 31, 2010 and 2011, are presented here.
Leach’s net income for 2011 was $152,990. Depreciation expense was $24,030.
|
2011 |
2010 |
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|
Current assets |
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|
Cash |
$104,980 |
$99,290 |
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|
Accounts receivable |
109,930 |
88,630 |
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|
Inventory |
157,840 |
172,260 |
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|
Prepaid expenses |
27,250 |
21,740 |
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|
Total current assets |
$400,000 |
$381,920 |
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|
Current liabilities |
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|
Accrued expenses payable |
$14,910 |
$5,140 |
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|
Accounts payable |
85,320 |
92,490 |
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|
Total current liabilities |
$100,230 |
$97,630 |
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Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2011, using the indirect method.