E9-11A. Calculate cash from operating activities using the indirect method. (LO 5)
The following information was taken from Tram Inc.’s balance sheets at December 3 1, 2005 and 2006. Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2006, using the indirect method.
| 2006 | 2005 | |
| Current assets | ||
| Cash | $103,000 | $99,000 |
| Accounts receivable | 90,000 | 79,000 |
| Inventory | 150,000 | 142,000 |
| Prepaid expenses | 47,000 | 50,000 |
| Total current assets | $390,000 | $370,000 |
| Current liabilities | ||
| Accrued expenses payable | $ 17,000 | $ 15,000 |
| Accounts payable | 60,000 | 92,000 |
| Total current liabilities | $ 77,000 | $107,000 |
Net income for 2006 was $ 1 85,000. Depreciation expense was $25,000.
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