Problem:
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 $64,000
Expenses
Cost of goods sold 19,000
Depreciation expense 5,000
Salaries expense 10,000
Rent expense 2,500
Insurance expense 1,500
Interest expense 1,700
Utilities expense 1,100
Net income $ 23,200
RAPTURE COMPANY
Selected Balance Sheet Accounts
At December 31 2011 2010
Accounts receivable $ 380 $ 391
Inventory 92 71
Accounts payable 118 126
Salaries payable 45 34
Utilities payable 11 8
Prepaid insurance 8 9
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 (amounts to be deducted should be indicated with a minus sign).