Question
Sheridan Company's income statement contained the following condensed information. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses,
Sheridan Company's income statement contained the following condensed information. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $623,700 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $969,000 54,900 24,400 703,000 266,000 41,000 $225,000 Sheridan's balance sheets contained the comparative data at December 31, shown below. 2022 2021 Accounts receivable $74,700 $60,100 Accounts payable 40,400 27,400 Income taxes payable 13,600 6,800 Sheridan's balance sheets contained the comparative data at December 31, shown below. 2022 2021 Accounts receivable $74,700 $60,100 Accounts payable 40,400 27,400 Income taxes payable 13,600 6,800 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) cash payments: SHERIDAN COMPANY Partial Statement of Cash Flows $ $
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