Rapture Company's 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands).
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RAPTURE COMPANY
Selected Balance Sheet Accounts
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At December 31
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2011
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2010
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Accounts receivable
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$380
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$390
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Inventory
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99
|
77
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Accounts payable
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120
|
130
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Salaries payable
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44
|
35
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Utilities payable
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11
|
8
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Prepaid insurance
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13
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14
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Prepaid rent
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11
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9
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For Year Ended December 31,2011
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Sales revenue
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$58,600
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Expenses
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Cost of goods sold
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21,000
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Depreciation expense
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6,000
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Salaries expense
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11,000
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Rent expense
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2,500
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Insurance expense
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1,900
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Interest expense
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1,800
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Utilities expense
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1,400
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Net income
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$13,000
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Refer to the information in Problem 16-7A.
Required
Prepare the cash flows from operating activities section only of the company's 2011 statement of cash flows using the direct method.