Based on the following income statement and balance sheet for Rashid Corporation

Based on the following income statement and balance sheet for Rashid Corporation determine the cash flows from operating activities using the indirect methodRashid CorpIncome statement for year ended dec 31 2011Sales 504000costs of good sold 327600depreication espenses 42000other operating expenses 125500 (495100)other gains (losses)gain on sale of equipment 7200income before taxes 16100income tax espense (4800)Net income $11300Rashid corporation balance sheets at dec 31assets 2011 2010Cash 64650 55800Accts Receivable 21000 29000Inventory 58000 52100Equipment 240000 222000Accumulated depreciation (10600) (96000)Total Assets 277650 262900Liabilitiesaccounts payable 28400 23700income tax payable 1050 1200total liabilities 29450 24900equitycommon stock 106000 106000contributed capital in excess of par value 18000 18000retained earnings 124200 114000total equity 248200 238000total liabilities & equity 277650 262900