P4. The income statement and selected balance sheet information forAcme Corp. for the year ended December 31, 2011 is presented below.

Income Statement

Sales Revenue $300,000

Expenses:

Cost of Goods Sold 180,000

Dep. Exp 20,000

Salaries Expense 30,000

Rent Expense 12,000

Insurance Expense12,000

Interest Expense 11,000

Utilities Expense 10,000

Net Income 25,000

Selected Balance Sheet Accounts

2010 2011

Accounts receivable 15,000 10,000

Merchandise Inventory 20,000 22,000

Prepaid Rent 1,000 0

Accounts Payable 11,000 14,000

Salaries Payable 2,000 3,000

Prepare the cash flows from operating activities section of the 2011 statement of cash flows using the indirect method.