Income statement and balance sheet excerpts of Shevlin and Shores for the period ending December 31, 1997, follow. Compute cash provided (used) by operating activities for the period ending December 31, 1997. Use both the direct and indirect forms of presentation. Income Statement Excerpts Sales $48,000 Cost of goods sold 30,000 Gross profit $18,000 Wage expense $4,000 Advertising expense 1,000 Depreciation expense 2,000 7,000 Net income $11,000 Balance Sheet Excerpts 1997 1996 Accounts receivable $4,000 $ 5,000 Deferred revenues 0 3,000 Inventory 9,000 11,000 Accounts payable 3,000 4,000 Wages payable 1,800 900 Prepaid advertising 3,000 1,200 Accumulated depreciation 5,000 3,000