Problem 11-8A (Algo) Prepare an income statement using operating cash flow informationindirect and direct methods (LO11-3, 11-7)

Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s).

Cash Flows from Operating Activities (Indirect method)
Net income	$161
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation expense	49
Increase in accounts receivable	(25)
Decrease in inventory	37
Increase in prepaid rent	(5)
Decrease in accounts payable	(19)
Decrease in income tax payable	(8)
Net cash flows from operating activities		$190
Cash Flows from Operating Activities (Direct method)
Cash received from customers	$ 4,005
Cash paid to suppliers	(2,580)
Cash paid for operating expenses	(1,150)
Cash paid for income taxes	(85)
Net cash flows from operating activities		$190

Required:

Complete the following income statement for Reverse Logic. Assume all accounts payable are to suppliers. (Enter your answers in thousands (i.e., 10,000,000 should be entered as "10,000).

REVERSE LOGIC Income Statement For the Year Ended December 31, 2024 Net sales Expenses: \begin{tabular}{|l|l|l|} \hline Cost of goods sold & & \\ \hline Operating expenses & & \\ \hline Depreciation expense & & \\ \hline Income tax expense & & \\ \hline Total expenses & & \\ \hline Net income & & $9 \\ \hline \end{tabular} REVERSE LOGIC Income Statement For the Year Ended December 31, 2024 Net sales Expenses: \begin{tabular}{|l|l|l|} \hline Cost of goods sold & & \\ \hline Operating expenses & & \\ \hline Depreciation expense & & \\ \hline Income tax expense & & \\ \hline Total expenses & & \\ \hline Net income & & $9 \\ \hline \end{tabular}