flows from operating activities for both the indirect and direct methods are presen 408595

flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Cash Flows from Operating Activities (Indirect method) Net income $ 164 Adjustments for noncash effects: Depreciation expense 52 Changes in current assets and current liabilities: Increase in accounts receivable (28) Decrease in inventory 40 Increase in prepaid rent (4) Decrease in accounts payable (16) Decrease in income tax payable (8) Net cash flows from operating activities $ 200 Cash Flows from Operating Activities (Direct method) Cash received from customers $ 4,020 Cash paid to suppliers (2,580) Cash paid for operating expenses (1,152) Cash paid for income taxes (88) Net cash flows from operating activities $ 200 Complete the following income statement for Reverse Logic. Assume all accounts payable are to suppliers (operating expenses). (Input all amounts as positive values. Enter your answers in thousands. Omit the “$” sign in your response.) REVERSE LOGIC Income Statement For the Year Ended December 31, 2012 Revenues $ ___________ Expenses: Cost of goods sold $ ______________ Operating expenses ______________ Depreciation expense 52 Income tax expense ________________ Total expenses ________________ Net income $ 164