Reference no: EM131865879
Question - Wildhorse Co.'s income statement contained the condensed information below.
Wildhorse Co. Income Statement For the Year Ended December 31, 2017
Service revenue $2,463,800
Operating expenses, excluding depreciation $1,559,560
Depreciation expense 139,700
Loss on disposal of plant assets 40,640 1,739,900
Income before income taxes 723,900
Income tax expense 142,240
Net income $581,660
Wildhorse Co.'s balance sheet contained the comparative data at December 31.
2017 2016
Accounts receivable $177,800 $152,400
Accounts payable 104,140 81,280
Income taxes payable 33,020 17,780
Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of cash flows using the indirect method.