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The income statement of Zamora Inc. reported the following condensed information.
ZAMORA INC. Income Statement For the Year Ended December 31, 2012
Revenues
$560,000
Operating expenses
400,000
Income from operations
160,000
Income tax expense
47,000
Net income
$113,000
Zamora"s balance sheet contained these comparative data at December 31.
2012
2011
Accounts receivable
$60,000
$75,000
Accounts payable
35,000
48,000
Income taxes payable
14,000
6,000
Zamora 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.
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