#9The current sections of May Inc.’s balance sheets at December 31, 2013 and 2014, are presented here.
May’s net income for 2014 was $203,000. Depreciation expense was $25,000.
2014 2013
Current assets
Cash $115,000 $99,000
Accounts receivable 105,000 89,000
Inventory 154,000 172,000
Prepaid expense 27,000 21,000
Total current assets $401,000 $381,000
Current liabilities
Accrued expenses payable $ 15,000 $ 5,000
Accounts payable 85,000 93,000
Total current liabilities $100,000 $ 98,000
Instructions
Prepare the net cash provided by operating activities section (ONLY!) of the company’s statement of cash flows for the year ended December 31, 2014, using the indirect method.
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