The current sections of Putzier Inc.’s balance sheets at December 31, - 14704

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Exercise 12-5

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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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