Reporting the Statement of Cash Flows
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Rapture Company's 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands).
RAPTURE COMPANY
Income Statement
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
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
Required:
Prepare the cash flows from operating activities section only of the company's 2011 statement of cash flows using the indirect method.
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Solution Summary
The expert reports the statement of a cash flow.
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