The current sections of Putzier Inc.”s balance sheets at December 31, 2011 and 2012
The current sections of Putzier Inc."s balance sheets at December 31, 2011 and 2012, are presented here. Putzier"s net income for 2012 was $153,000. Depreciation expense was $27,000.
2012
2011
Current assets
Cash
$105,000
$ 99,000
Accounts receivable
80,000
89,000
Inventory
168,000
172,000
Prepaid expenses
27,000
22,000
Total current assets
$380,000
$382,000
Current liabilities
Accrued expenses payable
$ 15,000
$ 5,000
Accounts payable
85,000
92,000
Total current liabilities
$100,000
$ 97,000
Instructions
Prepare the net cash provided by operating activities section of the company"s statement of cash flows for the year ended December 31, 2012, using the indirect method.