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ACC Problem 12-5A Thornton Company




Question;Thornton Company?s income statement contained the condensed information below.THORNTON COMPANYIncome StatementFor the Year Ended December 31, 2014Service revenue $1,814,870Operating expenses, excluding depreciation $1,148,794Depreciation expense 102,905Loss on disposal of plant assets29,9361,281,635Income before income taxes 533,235Income tax expense 104,776Net income $428,459Thornton?s balance sheet contained the comparative data at December 31.20142013Accounts receivable $130,970 $112,260Accounts payable 76,711 59,872Income taxes payable 24,323 13,097Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)THORNTON COMPANYPartial Statement of Cash FlowsFor the Year Ended December 31, 2014


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