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  3. problem 12-5a thornton company's income statement

Problem 12-5A Thornton Company's income statement contained the condensed information below THORNTON COMPANY Income Statement...

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Accounting

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Problem 12-5A Thornton Company's income statement contained the condensed information below THORNTON COMPANY Income Statement For the Year Ended December 31, 2014 $2,263,010 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,432,462 128,315 37,328 1,598,105 664,905 130,648 534,257 Thornton's balance sheet contained the comparative data at December 31. 2014 2013 Accounts receivable Accounts payable Income taxes payable $163,310 95,653 30,329 $139,980 74,656 16,331 Accounts payable pertain to operating expenses Prepare the operating activities section of the statement of cash flows using the indirect method

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