Pharoah Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $842,000 Operating expenses(excluding depreciation $626,000 Depreciation expenses
Pharoah Company's income statement for the year ended December 31, 2017, contained the following condensed information.
| Service revenue | $842,000 | |
| Operating expenses(excluding depreciation | $626,000 | |
| Depreciation expenses | 61,000 | |
| loss on sale of equipment | 27,000 | 714,000 |
| Income before income taxes | 128,000 | |
| Income tax expense | 40,000 | |
| Net income | $88,000 |
| Particulars | 2017 | 2016 |
| Accounts receivable | $37,000 | $56,000 |
| Accounts payable | 39,000 | 33,000 |
| Income taxes payable | 4,100 | 8,400 |
Prepare the operating activities section of the statement of cash flows using the indirect method
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Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
