Retzlaff Company”s income statement contained the condensed information below.
| RETZLAFF COMPANY | ||
| Revenues | $970,000 | |
| Operating expenses, excluding depreciation | $614,000 | |
| Depreciation expense | 55,000 | |
| Loss on sale of equipment | 16,000 | 685,000 |
| Income before income taxes | 285,000 | |
| Income tax expense | 56,000 | |
| Net income | $229,000 | |
Retzlaff”s balance sheet contained the comparative data at December 31.
| 2012 | 2011 | |
| Accounts receivable | $70,000 | $60,000 |
| Accounts payable | 41,000 | 32,000 |
| Income taxes payable | 13,000 | 7,000 |
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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