The current sections of Putzier Inc.”s balance sheets at December 31, 2011 and 2012, are presented here. Putzier”s net income for 2012 was $153,000. Depreciation expense was $27,000.
|
2012 |
2011 |
|
|
Current assets |
||
|
Cash |
$105,000 |
$ 99,000 |
|
Accounts receivable |
80,000 |
89,000 |
|
Inventory |
168,000 |
172,000 |
|
Prepaid expenses |
27,000 |
22,000 |
|
Total current assets |
$380,000 |
$382,000 |
|
Current liabilities |
||
|
Accrued expenses payable |
$ 15,000 |
$ 5,000 |
|
Accounts payable |
85,000 |
92,000 |
|
Total current liabilities |
$100,000 |
$ 97,000 |
Instructions
Prepare the net cash provided by operating activities section of the company”s statement of cash flows for the year ended December 31, 2012, using the indirect method.