Question

Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain to operating expenses. Dennara the eneration chine cortion of the stoment of coche

Answer 1

SHAMROCK, Inc.
Partial Statement of Cash Flows - Indirect method
For the Year ended December 31, 2017
	$	$
Cash Flow from Operating Activities
Net Income		419,070.00
Adjustments to reconcile net income to net cash provided by operations:
Income Statement items not affecting cash;
Depreciation expense	100,650.00
Loss on disposal of plant assets	29,280.00
Changes in current operating assets and liabilities:
Increase in Accounts receivable	(18,300.00)
Increase in Accounts payable	16,470.00
Increase in Income taxes payable	10,980.00	139,080.00
Net Cash Flow from Operating Activities		558,150.00