Problem:
The current sections of Leach Inc.'s balance sheets at December 31, 2010 and 2011, are presented here.
|
|
2011
|
2010
|
|
Current assets
|
|
|
|
|
|
Cash
|
$105,170
|
|
$99,170
|
|
|
Accounts receivable
|
110,300
|
|
88,520
|
|
|
Inventory
|
157,800
|
|
171,750
|
|
|
Prepaid expenses
|
27,370
|
|
22,420
|
|
|
Total current assets
|
$400,640
|
|
$381,860
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accrued expenses payable
|
$15,060
|
|
$4,510
|
|
|
Accounts payable
|
85,470
|
|
92,410
|
|
|
Total current liabilities
|
$100,530
|
|
$96,920
|
|
Leach's net income for 2011 was $152,760. Depreciation expense was $24,000.
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2011, using the indirect method.