The current sections of Blues Traveler Co. balance sheets at December 31, 2007 and 2008, are presented below.
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BLUES TRAVELER CO.
Comparative Balance Sheets (partial)
December 31
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2008
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2007
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Current Assets
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Cash
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$105,000
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$99,000
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Accounts receivable
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110,000
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85,000
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Inventory
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171,000
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186,000
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Prepaid expenses
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27,000
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32,000
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Total current assets
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$413,000
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$402,000
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Current liabilities
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Accrued expenses payable
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$15,000
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5,000
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Accounts payable
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88,000
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$92,000
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Total current liabilities
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$103,000
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$97,000
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Blues Traveler's net income for 2008 was $163,000. Depreciation expense was $30,000.
Instructions
Prepare the operating activities section of Blues Traveler's statement of cash flows for the year ended December 31, 2008, using the indirect method.