The income statement of Zamora Inc. reported the following condensed information.
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ZAMORA INC.
Income Statement
For the Year Ended December 31, 2012
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Revenues
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$560,000
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Operating expenses
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400,000
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Income from operations
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160,000
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Income tax expense
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47,000
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Net income
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$113,000
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Zamora"s balance sheet contained these comparative data at December 31.
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2012
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2011
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Accounts receivable
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$60,000
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$75,000
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Accounts payable
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35,000
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48,000
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Income taxes payable
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14,000
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6,000
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Zamora has no depreciable assets. Accounts payable pertain to operating expenses.
Instructions
Prepare the operating activities section of the statement of cash flows using the indirect method.