Below is an income statement for Newell Products for the year ended December 31, 2011, and a schedule listing the company€™s current assets and current liabilities at the end of 2010 and 2011.

Required
Prepare the operating activities section of the statement of cash flows using the indirectmethod.

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Newell Products Income Statement For the Year Ended December 31,2011 Sales Cost of goods sold Gross profit Operating expenses: $125,800 73,000 Selling and general expenses $11,700 2,600 Depreciation expense Operating income Loss on sale of land Income before taxes Income tax expense 14,300 58,700 3,600 55,100 Net income S 35,815 December 31, 2010 Schedule of Current Assets and Current Liabilities Cash Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities December 31, 2011 $12,300 3,600 5,500 2,800 1,530 2,600 $14,800 4,600 6,100 2,350 2,200 1,950