Calculate cash from operating activities using the indirect method (FOR PUTUL ONLY)

The following information is from the comparative balance sheets of Discovery Tech Corporation at June 30, 2011 AND 2010

(IN THOUSANDS)                                   AT June 30                                  2011                        2010

Current Assets:   

Cash                                                                                                                $2,750                    $2,115

Accounts Receivable                                                                                       3,000                      2,750

Inventory                                                                                                            1,700                      1,025

Prepaid Insurance                                                                                              270                           320

Total Current Assets                                                                                 $7,720                            $6,210

 

Current Liabilitieis

Accounts payable                                                                                  $1,800                              $1,750

Salaries Payable                                                                                   $3,750                               $3,150

Total Current Liabilities                                                                       $5,550                             $4,900

Net income for the year ended Jan 30, 2011, was $425,000. Depreciation expense of $105,000 was included in the operating expenses for the year.

 

Requirement

Use the indirect method to prepare the cash from operations section of the statement of cash flows for Discovery Tech Corportation for the year ended June 30, 2011