Kingbird Companys income statement for the year ended December 31, 2020, contained the following condensed...
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Accounting
Kingbird Companys income statement for the year ended December 31, 2020, contained the following condensed information.
| Service revenue | $848,000 | |||
| Operating expenses (excluding depreciation) | $628,000 | |||
| Depreciation expense | 61,000 | |||
| Loss on sale of equipment | 26,000 | 715,000 | ||
| Income before income taxes | 133,000 | |||
| Income tax expense | 40,000 | |||
| Net income | $93,000 |
Kingbirds balance sheet contained the following comparative data at December 31.
| 2020 | 2019 | |||
| Accounts receivable | $37,000 | $52,000 | ||
| Accounts payable | 39,000 | 32,000 | ||
| Income taxes payable | 4,000 | 8,400 |
(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).)
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