Blue Companys income statement for the year ended December 31, 2017, contained the following condensed...
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Accounting
Blue Companys income statement for the year ended December 31, 2017, contained the following condensed information.
| Service revenue | $846,000 | |||
| Operating expenses (excluding depreciation) | $630,000 | |||
| Depreciation expense | 61,000 | |||
| Loss on sale of equipment | 27,000 | 718,000 | ||
| Income before income taxes | 128,000 | |||
| Income tax expense | 40,000 | |||
| Net income | $88,000 |
Blues balance sheet contained the following comparative data at December 31.
| 2017 | 2016 | |||
| Accounts receivable | $35,000 | $57,000 | ||
| Accounts payable | 42,000 | 30,000 | ||
| 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.
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