Pancho Company reported net income of $245,000 for 2017. Pancho sold equipment that cost $100,000 and had a book value of $60,000 for $52,000. The comparative balance sheet shows a decrease in accounts receivable of $19,000 for the year, a $13,000 increase in accounts payable, a $4,000 increase in prepaid expenses, and a $17, 000 increase in accumulated depreciation.
Instructions
Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.