The current sections of Sunn Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Sunn’s net income for 2022 was $153,000. Depreciation expense was $27,000. 

Instructions 

Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.

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2022 2021 Current assets $ 99,000 Cash $105,000 Accounts receivable 80,000 89,000 Inventory Prepaid expenses 168,000 172,000 27,000 22,000 Total current assets $380,000 $382,000 Current liabilities $ 15,000 $ 5,000 Accrued expenses payable Accounts payable 85,000 92,000 $ 97,000 Total current liabilities $100,000