Acc422 Intermediate Accounting: E23-6 Norman Company's income statement

Acc422 Intermediate Accounting
E23-6 (Preparation of Operating Activities Section-Indirect Method)
Norman Company's income statement for the year ended December 31, 2010, contained the following condensed information.
Revenue from fees 840,000
Operating expenses (excl. depreciation) 624,000
Depreciation expense 60,000
Loss on sale of equipment 26,000 710,000
Income before taxes 130,000
Income tax expense 40,000
Net income 90,000

Norman's balance sheet contained the following comparative data at December 31.
2010 2009
Accounts receivable 37,000 59,000
Accounts payable 46,000 31,000
Income taxes payable 4,000 8,500
(Accounts payable pertains to operating expenses.)

Instructions
Complete the operating activities section of the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1.)
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