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Retzlaff Company

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

Income Statement
For the Year Ended December 31, 2012

Revenues $970,000
Operating expenses, excluding depreciation $614,000
Depreciation expense 55,000
Loss on sale of equipment 16,000 685,000
Income before income taxes 285,000
Income tax expense 56,000
Net income $229,000

Retzlaff’s balance sheet contained the comparative data at December 31.
2012 2011

Accounts receivable $70,000 $60,000
Accounts payable 41,000 32,000
Income taxes payable 13,000 7,000
Accounts payable pertain to operating expenses.


Prepare the operating activities section of the statement of cash flows using the indirect

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