The income statement of Belini Inc. reported the following condensed information.
|
BELINI INC. |
|
|
Revenues |
$545,000 |
|
Operating expenses |
400,000 |
|
Income from operations |
145,000 |
|
Income tax expense |
47,000 |
|
Net income |
$ 98,000 |
Belini’s balance sheet contained these comparative data at December 31.
|
2010 |
2009 |
|
|
Accounts receivable |
$60,000 |
$75,000 |
|
Accounts payable |
35,000 |
51,000 |
|
Income taxes payable |
10,000 |
6,000 |
Belini has no depreciable assets. Accounts payable pertain to operating expenses.
Instructions
Prepare the operating activities section of the statement of cash flows using the indirect method.