P14-5B The income statement of Shapiro Inc. reported the following condensed information

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The income statement of Shapiro Inc. reported the following condensed information

Shapiro Inc.
Income Statement
For the Year Ended December 31, 2008
Sales revenue					545,000
Operating expenses,					400,000
Income before income taxes					145,000
Income tax expense					47,000
Net income					98,000

Shapiro’s balance sheet contained these comparative data at December 31.

		2008	2007
Accounts receivable		50,000	75,000
Accounts payable		30,000	51,000
Income taxes payable		10,000	4,000

Shapiro has no depreciable assets. Accounts payable pertain to operating expenses.

Instructions
Prepare the operating activities section of the statement of cash flows using the indirect method.