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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).)
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 $ > $
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