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The statement of income of Sheffield Transport Inc. for the year ended December 31, 2020, reported the following condensed information:
Service revenue
$565,000
Operating expenses
390,000
Income from operations
175,000
Other revenues and expenses
Gain on disposal of equipment
$35,000
Interest expense
20,000
15,000
Income before income tax
190,000
Income tax
38,000
Net Income
$152,000
Sheffield's statement of financial position included the following comparative data at December 31:
2020
2019
Accounts receivable
$66,500
$79,000
Prepaid insurance
6,000
Accounts payable
44,500
72,500
Interest payable
7,000
2,250
Income tax payable
19,000
18,000
Unearned revenue
50,000
Operating expenses include $180,000 in depreciation expense. The company follows !FRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows.
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