The following information comes from the balance sheets of Expert Continuing Education, Inc., at June 30:

Net income for the year ended June 30, 2011, was $315,000. Included in the operating expenses for the year was depreciation expense of $134,000.

Requirement
Prepare the cash from operating activities section of Expert Continuing Education, Inc.€™s statement of cash flows for the year ended June 30, 2011. Use the indirect method.

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(in thousands) Current assets: 2011 2010 Cash Accounts receivable Inventory Prepaid insurance 4,075 $3,980 2,250 725 485 $7,950$7,440 2,500 675 700 Total current assets Current liabilities: Accounts payable Wages payable $4,600 $4,265 1,869 $6,105 $6,134 1,505 Total current liabilities