P9-28, Calculate cash from operating activities using the indirect method. (LO 5)
The information shown is from the comparative balance sheets of Matt’s Music Company at December 31, 2008 and 2O01.
| At December 31 2008 | 2007 | |
| (in thousands) | ||
| Current assets: | ||
| Cash | $3,500 | $2,090 |
| Accounts receivable | 2,725 | 2,980 |
| Inventory | 1,050 | 1,300 |
| Prepaid insurance | 520 | 470 |
| Total current assets | $7,795 | $6,840 |
| Current liabilities: | ||
| Accounts payable | $2,890 | $1,650 |
| Salaries payable | 1,500 | 3,200 |
| Total current liabilities | $4,390 | $4,850 |
Net income for 2008 was $ 211,000. Depreciation expense of $80,000 was including the Operating expenses of the year.
Required
Use the indirect method to prepare the cash from operations section of the statement of cash flows for Matt’s Music Company for the year ended December 31, 2008
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