Concord Company's income statement for the year ended December 31, 2017 contained the following summary information.

Service revenues				$849,000
Operating expenses (excluding depreciation)		$ 621,000
depreciation expense		60.000
Loss on equipment sales		27,000		708,000
Profit before income taxes				141.000
Income from tax expenses				40.000
Net Income				$101,000

Concord's balance sheet contained the following comparative data as of December 31.

		2017		2016
accounts receivable		$36,000		$52,000
Accounts payable		43,000		32,000
Income taxes payable		4,100		8,200

(Accounts payable refer to operating expenses.)

Prepare the operating activities section of the statement of cash flows using the indirect method

Answer rating: 100% (QA)

To prepare the operating activities section of the statement of cash flows using the indirect View the full answer