Rapture Company’s 2011 income statement and selected balance sheet data

Rapture Company’s 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands).



RAPTURE COMPANY
Income Statement
For Year Ended December 31, 2011

Sales revenue


$


60,400


Expenses








Cost of goods sold





19,000


Depreciation expense





6,000


Salaries expense





8,000


Rent expense





2,000


Insurance expense





1,700


Interest expense





1,400


Utilities expense





1,500







Net income


$


20,800










RAPTURE COMPANY
Selected Balance Sheet Accounts

At December 31


2011





2010




Accounts receivable


$


390





$


402




Inventory





104








85




Accounts payable





115








124




Salaries payable





43








30




Utilities payable





11








9




Prepaid insurance





11








14




Prepaid rent





10








13






Required:

Prepare the cash flows from operating activities section only of the company’s 2011 statement of cash flows using the indirect method.



RAPTURE COMPANY

Cash Flows from Operating Activities—Indirect Method

For Year Ended December 31, 2011

Cash flows from operating activities













$

Adjustments to reconcile net income to net cash provided by operating activities










$
































































Net cash operating activities





$







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