The income statement of Packer Inc. for the year ended December 31, 2018, reported the following condensed information: Revenue from fees..................................... $585,000 Operating expenses................................... 340,000 Income from operations.............................. 245,000 Income tax expense................................... 61,250 Net income................................................. $183,750

Packer's statement of financial position contained the following comparative data at December 31: 2018 2017 Accounts receivable................................... $52,500 $45,000 Accounts payable....................................... 34,000 41,000 Income taxes payable................................. 5,500 3,000

The corporation has no depreciable assets. Accounts payable pertain to operating expenses.

Instructions: Using the direct method, prepare the operating activities of the statement of cash flows for the year ended December 31, 2018.