The income statement of Anne Droid Inc. reported the following condensed information.
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ANNE DROID INC. |
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|
Income Statement |
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|
For the Year Ended December 31, 2012 |
|
|
Sales revenue |
$545,000 |
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Operating expenses |
400,000 |
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Income from operations |
145,000 |
|
Income tax expense |
36,000 |
|
Net income |
$109,000 |
Anne Droid’s balance sheet contained these comparative data at December 31.
|
2012 |
2011 |
|
|
Accounts receivable |
$50,000 |
$70,000 |
|
Accounts payable |
30,000 |
51,000 |
|
Income taxes payable |
10,000 |
4,000 |
Anne Droid 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.