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Exercise 12-5

Your answer is correct.

 
 

The current sections of Putzier Inc.’s balance sheets at
December 31, 2011 and 2012, are presented here. Putzier’s net
income for 2012 was $533,511. Depreciation expense was $94,149.

 
 

2012

 

2011

Current assets
 
 
 
 

   Cash
 

$366,135

 

$ 345,213

   Accounts receivable
 

278,960

 

310,343

   Inventory
 

585,816

 

599,764

   Prepaid expenses
 

94,149

 

76,714

Total current assets
 

$1,325,060

 

$1,332,034

Current liabilities
 
 
 
 

   Accrued expenses payable
 

$ 52,305

 

$ 17,435

   Accounts payable
 

296,395

 

320,804

Total current liabilities
 

$348,700

 

$ 338,239

Prepare the net cash provided by operating activities section of
the company’s statement of cash flows for the year ended December
31, 2012, using the indirect method. (Show
amounts that decrease cash flow with either a – sign e.g. -15,000
or in parenthesis e.g. (15,000).)

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