The operating cash flows and balance sheet excerpts of Schlee and Associates for the period ending December
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The operating cash flows and balance sheet excerpts of Schlee and Associates for the period ending December 31, 2012, follow. Compute net income for the period ending December 31, 2012.
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OPERATING ACTIVITIES S 65,000 S(40,000) (6,000) (1,000) Cash inflows from sales Cash payments for inventories Cash payments for wages Cash payments for advertising Cash provided (used) by operating activities S 18,000 BALANCE SHEET EXCERPTS 2012 2011 S 3,000 4,000 18,000 7,000 2,100 5,000 8,000 $ 9,000 1,000 10,000 3,000 1,300 8,000 5,000 Accounts receivable Deferred revenues Inventory Accounts payable Salaries payable Prepaid advertising Accumulated depreciation
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