The following information was taken from Artist, Inc.s balance sheets at December 31, 2009 and 2010: Net

The following information was taken from Artist, Inc.’s balance sheets at December 31, 2009 and 2010:

Net income for 2010 was $21,000. Depreciation expense was $11,000.
Prepare the cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2010, using the indirectmethod.

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2010 2009 Current assets Cash Accounts receivable Inventory Prepaid expenses 65,000 10,000 66,000 50,000 $191,000 60,000 30,000 59,000 23,500 $172,500 Total current assets Current liabilities Accrued expenses payable Accounts payable $8,500 30,000 $ 38,500 $4,500 42,000 46,500 Total current liabilities