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 |
14 |
|
Prepaid rent |
11 |
9 |
|
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 |
1,900 |
|
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.