Calculate cash from operating activities-indirect method. (LO 5)
The information shown is from the comparative balance sheets of M&S Record Company at December 31,2007 and 2006.
| (in thousands) | ||
| Current assets: | ||
| Cash | $3,000 | 52,490 |
| Accounts receivable | 2,325 | 1,700 |
| Inventory | 2,150 | 1,380 |
| Prepaid rent | 320 | 270 |
| Total current assets | $7,795 | $5,840 |
| Current liabilities: | ||
| Accounts payable | $4,390 | $4,850 |
| Salaries payable | $1,80 | $ 1,050 |
| Total current liabilities | 2,500 | 3,800 |
Net income for 2007 was $356,000. Depreciation expense of $135,00 was including the operating expenses for the year.
Required
Use the indirect method to prepare the cash from operations section of the statement of cash flows for M&S Record Company for the year ended December 31, 2001.
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