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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

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).)image text in transcribed

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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