Calculate cash from operating activities using the indirect method. (LO 5)

The information shown comes from the balance sheets of Walker Corporation at September 30,2008 and 2007.

Net income for the year ended September 30,2008 , was \(\$ 146,000\). Included in the operating expenses for the year was depreciation expense of \(\$ 112,000\).
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Prepare the cash from operating activities section of Walker Corporation's statement of cash flows for the year ended September 30, 2008. Use the indirect method.

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Walker Corporation Balance Sheets (Adapted) September 30, 2008, and September 30, 2007 (in thousands) 2008 2007 Current assets: Cash $2,110 $1,650 Accounts receivable 1,254 1,977 Inventory 700 656 Prepaid insurance 157 314 Total current assets $4,221 $4,597 Current liabilities: Accounts payable $2,000 52,330 Wages payable 1,154 750 Total current liabilities $3,154 $3,080