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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, 2018 $612,000 Revenues Expenses
Portions of the financial statements for Horizon Telecom are provided below HORIZON TELECOM Income Statement For the Year Ended December 31, 2018 $612,000 Revenues Expenses Cost of goods sold Operating expenses Depreciation expense Income tax expense $366,000 117,000 30,000 49,500 Total expenses 562,500 Net Income $ 49,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2018 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 4,400 11,700 10,700 6,600 6,400 21,200 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.)
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