Working Backward: Debt Service Coverage

Madison Corp. reported the following in the Current Assets section of its comparative balance sheets:

		December 31, 2014		December 31, 2013
Current Liabilities:
Current portion of notes payable		$404,000		$589,000

Supplemental information at the bottom of Madison's 2014 statement of cash flows was as follows:

		2014		2013
Interest paid		$137,600		$155,700
Income taxes paid		$557,400		$422,200

Madison's 2014 debt service coverage ratio was 24 to 1. Determine Madison's cash flow from operations for 2014.

$