Income statement and balance sheet excerpts of Shevlin and Liberty for the period ending December 31, 2018, follow. Compute cash provided (used) by operating activities for the period ending December 31, 2018. Use both the direct and indirect forms of presentation.

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INCOME STATEMENT EXCERPTS $48,000 Sales Cost of goods sold 30,000 $18,000 Gross profit $4,000 Salaries and wages expense Advertising expense 1,000 Depreciation expense 2,000 7,000 $11,000 Net income BALANCE SHEET EXCERPTS 2017 2018 $ 5,000 $4,000 Accounts receivable Unearned revenues 3,000 Inventory 11,000 9,000 Accounts payable 4,000 3,000 Salaries and wages payable 1,800 900 Prepaid advertising 3,000 1,200 Accumulated depreciation 5,000 3,000