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Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues Expenses: $618,000
Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues Expenses: $618,000 Cost of goods sold Operating expenses Depreciation expense $362,000 119.000 32,000 Income tax expense 52,500 Total expenses Net Income 565,500 $ 52,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Ink rease in accounts receivable Increase in inventory Dec ease in prepaid rent Decrease in accounts payable Increase in operating expenses payable Increase in income tax payable $ 4,600 13,000 10,700 6,300 6,500 21,300 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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