The operating cash flows and balance sheet excerpts of Schlee and Associates for the period ending December 31, 1997, follow. Compute net income for the period ending December 31, 1997. Operating Activities Cash inflows from sales $ 65,000 Cash payments for inventories (40,000) Cash payments for wages (6,000) Cash payments for advertising (1,000) Cash provided (used) by operating activities $ 18,000 Balance Sheet Excerpts 1997 1996 Accounts receivable $ 3,000 $ 9,000 Deferred revenues 4,000 1,000 Inventory 18,000 10,000 Accounts payable 7,000 3,000 Salaries payable 2,100 1,300 Prepaid advertising 5,000 8,000 Accumulated depreciation 8,000 5,000