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Problem 12-06A Monty Corp.'s income statement contained the condensed information below Monty Corp. Income Statement...

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Accounting

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Problem 12-06A Monty Corp.'s income statement contained the condensed information below Monty Corp. Income Statement For the Year Ended December 31, 2020 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $972,000 $624,300 55,200 24,900 704,400 267,600 41,000 $226,600 Monty's balance sheet contained the comparative data at December 31, shown below 2020 2019 Accounts receivable Accounts payable Income taxes payable $75,300 41,300 10,200 $60,100 27,600 6,700 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).)

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