Cash flows provided by operating activities—indirect method Snowe Co.”s current asset and liability balances for the past two years are as follows. Net income for 2010 was $1,208,000, and depreciation expense was $85,000.
|
December 31, 2010 |
December 31, 2009 |
|
|
Accounts Receivable |
$450,000 |
$380,000 |
|
Inventories |
670,000 |
730,000 |
|
Accounts Payable |
287,000 |
326,000 |
|
Accrued Liabilities |
140,000 |
110,000 |
Required
Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2010.