Your answer is partially correct. Try again Swifty Company\'s income statement f

Question

Your answer is partially correct. Try again Swifty Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue Operating expenses (excluding depreciation) $618,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $848,000 59,000 25,000 702,000 146,000 40,000 $106,000 Swifty's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable Accounts payable Income taxes payable $39,000 39,000 4,200 $57,000 32,000 8,900 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method SWIFTY COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2017 sh Flows from O ing Activities ash Receipts from Customers $1866,000 Decrease in Accounts P sh Payments for Operating Expenses Net Cash Provided by Operating Activities

Explanation / Answer

Cash flow from operating activities :

Cash flow from operating activities Cash receipts from customer 866000 Cash payment for operating expense -611000 Cash payment for income tax -44700 -655700 Net cash provided by operating activities 210300

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