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Portions of the financial statements for Horizon Telecom are provided below. ...

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Accounting

Portions of the financial statements for Horizon Telecom are provided below.

HORIZON TELECOM Income Statement For the Year Ended December 31, 2018
Revenues $610,000
Expenses:
Cost of goods sold $366,000
Operating expenses 111,000
Depreciation expense 32,000
Income tax expense 50,500

Total expenses 559,500

Net Income $ 50,500

HORIZON TELECOM Selected Balance Sheet Data December 31, 2018
Increase in accounts receivable $ 5,900
Increase in inventory 12,800
Decrease in prepaid rent 10,300
Increase in operating expenses payable 6,000
Decrease in accounts payable 7,800
Increase in income tax payable 20,300

Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.)

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HORIZON TELECOM Statement of Cash Flows For the year ended December 31, 2018 Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities 0

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