Solution-Prepare the cash flows from operating activities

Prepare the cash flows from operating activities section

Reference no: EM13555610

Rapture Company's 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands).

RAPTURE COMPANY Selected Balance Sheet Accounts
At December 31	2011	2010
Accounts receivable	$380	$390
Inventory	99	77
Accounts payable	120	130
Salaries payable	44	35
Utilities payable	11	8
Prepaid insurance	13	14
Prepaid rent	11	9

For Year Ended December 31,2011
Sales revenue	$58,600
Expenses
Cost of goods sold	21,000
Depreciation expense	6,000
Salaries expense	11,000
Rent expense	2,500
Insurance expense	1,900
Interest expense	1,800
Utilities expense	1,400
Net income	$13,000

Refer to the information in Problem 16-7A.

Required

Prepare the cash flows from operating activities section only of the company's 2011 statement of cash flows using the direct method.

Reference no: EM13555610

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Prepare the cash flows from operating activities section

Reference no: EM13555610

Reference no: EM13555610

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