Metlock, Inc.s income statement contained the condensed information below. Metlock,...
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Accounting
Metlock, Inc.s income statement contained the condensed information below.
Metlock, Inc. Income Statement For the Year Ended December 31, 2017
Service revenue
$1,949,700
Operating expenses, excluding depreciation
$1,234,140
Depreciation expense
110,550
Loss on disposal of plant assets
32,160
1,376,850
Income before income taxes
572,850
Income tax expense
112,560
Net income
$460,290
Metlock, Inc.s balance sheet contained the comparative data at December 31.
2017
2016
Accounts receivable
$140,700
$120,600
Accounts payable
82,410
64,320
Income taxes payable
26,130
14,070
Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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