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Problem - Thomton Company's income statement contained the condensed information below.
THORNTON COMPANY Income Statement For the Year Ended December 31, 2014
Service revenue
$3,273,750
Operating expenses, excluding depreciation
$2,072,250
Depreciation expense
185,625
Loss on disposal of plant assets
54,000
2,311,875
Income before income taxes
961,875
Income tax expense
189,000
Net income
$772,875
Thomton's balance sheet contained the comparative data at December 31.
2014
2013
Accounts receivable
$236,250
$202,500
Accounts payable
138,375
108,000
Income taxes payable
43,875
23,625
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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