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Zumbrunn Company’s income statement contained the condensed information below.

ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017

Service revenue

$970,700

Operating expenses, excluding depreciation

$624,000

Depreciation expense

56,000

Loss on disposal of equipment

25,800

705,800

Income before income taxes

264,900

Income tax expense

39,000

Net income

$225,900


Zumbrunn’s balance sheet contained the comparative data at December 31, shown below.

2017

2016

Accounts receivable $74,300 $59,700
Accounts payable 40,100 27,900
Income taxes payable 12,300 6,500


Accounts 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).)

ZUMBRUNN COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to

please include all answers and calculations. thank you

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