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Question(s) / Instruction(s):

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

$

60,400  

       

  Expenses

 

 

       

     Cost of goods sold

 

19,000  

       

     Depreciation expense

 

6,000  

       

     Salaries expense

 

8,000  

       

     Rent expense

 

2,000  

       

     Insurance expense

 

1,700  

       

     Interest expense

 

1,400  

       

     Utilities expense  

 

1,500  

       

 



       

  Net income

$

20,800  

       

 





       

       

 

RAPTURE COMPANY
Selected Balance Sheet Accounts

  At December 31

2011

 

2010

 

  Accounts receivable

$

390

 

$

402

 

  Inventory

 

104

 

 

85

 

  Accounts payable

 

115

 

 

124

 

  Salaries payable

 

43

 

 

30

 

  Utilities payable

 

11

 

 

9

 

  Prepaid insurance

 

11

 

 

14

 

  Prepaid rent

 

10

 

 

13

 


 

Required:

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

 

RAPTURE COMPANY

Cash Flows from Operating Activities—Indirect Method

For Year Ended December 31, 2011

  Cash flows from operating activities

 

 

     

 

  

  Adjustments to reconcile net income to net cash   provided by operating activities

 

 

     

  

 

     

  

 

     

  

 

     

  

 

     

  

 

     

  

 

     

  

 

     

  

  

 



     Net cash  operating activities

 

  

 

 




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