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21 Portions of the financial statements for Horizon Telecom are provided below HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues
21 Portions of the financial statements for Horizon Telecom are provided below HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues Expenses: $612,000 0113:28 Cost of goods sold $362,000 Operating expenses 116,000 Depreciation expense 29,000 Income tax expense 52,500 Total expenses 559,500 Net Income $52,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Increase in accounts receivable $5,600 Increase in inventory 12,300 Decrease in prepaid rent 10,500 Increase in operating expenses payable 6,100 Decrease in accounts payable 7,300 Increase in income tax payable 21,700 Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) HORIZON TELECOM Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities
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