P9-3A. Calculate cash from operating activities using the indirect method. (LO 5)
The information shown comes from the balance sheets of TCB Company at June 30, 2008 and 2007.
| TCB Company | ||
| (in thousands) | 2008 | 2007 |
| Current assets: | ||
| Cash | $2,11 0 | $2,6s0 |
| Accounts receivable | 1,254 | 977 |
| Inventory | 730 | 856 |
| Prepaid insurance | 127 | 114 |
| Total current assets | $4221 | $4597 |
| Current liabilities: | ||
| Accounts payable | $1,054 | $1,330 |
| Wages payable | 2,100 | 1,750 |
| Total current liabilities | $3154 | $3,080 |
Net income for the year ended June 30, 2008, was $86,900. Included in the operating expenses of the year was depreciation expense of $102,000.
Required
Prepare the cash from operating activities section of TCB Company’s statement of cash flows for the year ended June 30, 2008. Use the indirect method.
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