Income statement and balance sheet excerpts of Shevlin and Liberty for the period ending December 31, 2012, follow. Compute cash provided (used) by operating activities for the period ending December 31, 2012. Use both the direct and indirect forms of presentation.

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INCOME STATEMENT EXCERPTS Sales Cost of goods sold Gross profit Wage expense Advertising expense Depreciation expense Net income S48,000 30,000 S18,000 54,000 1.000 2,000 7,000 S11,000 2012 BALANCE SHEET EXCERPTS 2011 $ 5,000 3,000 11,000 4,000 900 1,200 3,000 Accounts receivable $4,000 Deferred revenues Inventory Accounts payable Wages payable Prepaid advertising Accumulated depreciation 9,000 3,000 1,800 3,000 5,000