The income statement and selected balance sheet

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The income statement and selected balance sheet information for Fudnuddler Corporation for the year ended December 31, 2011 is presented below.

Income Statement

Sales Revenue $300,000

Expenses:

Cost of Goods Sold 180,000

Depreciation Expense 20,000

Salaries Expense 30,000

Rent Expense 12,000

Insurance Expense 12,000

Interest Expense 11,000

Utilities Expense 10,000

Net Income $25,000

Selected Balance Sheet Accounts

2010 2011

Accounts receivables 15,000 10,000

Merchandise Inventory 20,000 22,000

Prepaid rent 1,000 0

Accounts Payable 11,000 14,000

Salaries Payable 2,000 3,000

Prepare the cash flows from operating activities section of the 2011 statement of cash flows using the indirect method.

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