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Shamrock Companys income statement for the year ended December 31, 2020, contained the following condensed...

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Accounting

Shamrock Companys income statement for the year ended December 31, 2020, contained the following condensed information.

Service revenue

$842,000
Operating expenses (excluding depreciation)

$618,000
Depreciation expense

59,000
Loss on sale of equipment

25,000

702,000
Income before income taxes

140,000
Income tax expense

41,000
Net income

$99,000

Shamrocks balance sheet contained the following comparative data at December 31.

2020

2019
Accounts receivable $38,000 $53,000
Accounts payable 42,000 33,000
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. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)image

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).) SHAMROCK COMPANY Statement of Cash Flows (Partial) $ Adjustments to reconcile net income to $ > v $

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