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Thornton Companys income statement contained the condensed information below. THORNTON COMPANY Income Statement For the...

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Accounting

Thornton Companys income statement contained the condensed information below. THORNTON COMPANY Income Statement For the Year Ended December 31, 2014

Service revenue $2,882,840

Operating expenses, excluding depreciation $1,824,808

Depreciation expense 163,460

Loss on disposal of plant assets 47,552 2,035,820

Income before income taxes 847,020

Income tax expense 166,432

Net income $680,588

Thorntons balance sheet contained the comparative data at December 31.

2014 2013

Accounts receivable $208,040 $178,320

Accounts payable 121,852 95,104

Income taxes payable 38,636 20,804

Accounts payable pertain to operating expenses.

Instructions: Prepare the operating activities section of the statement of cash flows using the indirect method.

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