Shamrock Companys income statement for the year ended December 31, 2020, contained the following condensed...
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Accounting
Shamrock Companys income statement for the year ended December 31, 2020, contained the following condensed information.
Service revenue
$842,000
Operating expenses (excluding depreciation)
$618,000
Depreciation expense
59,000
Loss on sale of equipment
25,000
702,000
Income before income taxes
140,000
Income tax expense
41,000
Net income
$99,000
Shamrocks balance sheet contained the following comparative data at December 31.
2020
2019
Accounts receivable
$38,000
$53,000
Accounts payable
42,000
33,000
Income taxes payable
3,900
8,700
(Accounts payable pertains 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).)
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).) SHAMROCK COMPANY Statement of Cash Flows (Partial) $ Adjustments to reconcile net income to $ > v $
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