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

ACC Problem 12-5A Thornton Company
Thornton Company’s income statement contained the condensed information below.

                        
                                                             THORNTON COMPANY
                                                                   Income Statement
                                                  For the Year Ended December 31, 2014
Service revenue                                                                                               $1,814,870
Operating expenses, excluding depreciation                $1,148,794
Depreciation expense                                                       102,905
Loss on disposal of plant assets                                                                            29,936
                                                                                                                          1,281,635
Income before income taxes                                                                               533,235
Income tax expense                                                                                             104,776
Net income                                                                                                        $428,459
Thornton’s balance sheet contained the comparative data at December 31.
                                                                                           2014                2013
Accounts receivable                                                    $130,970         $112,260
Accounts payable                                                            76,711             59,872
Income taxes payable                                                     24,323             13,097
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).)
TUTORIAL PREVIEW
(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g.  (15,000).)

                                        THORNTON COMPANY
                                     Partial Statement of Cash Flows
                               For the Year Ended December 31, 2014

Cash flows from operating activities

Net income                                                                                          $428,459
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