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Question
The income statement of Runge Inc. for the year ended December 31, 2012, reported the following condensed information:
Revenue from fees $600,000
Operating expenses 360,000
Income from operations 240,000
Income tax expense 60,000
Net income $180,000
Runge's balance sheet contained the following comparative data at December 31:
Runge has no depreciable assets. Accounts payable pertains to operating expenses.
Instructions
Prepare the operating activities section of the statement of cash flows using the direct method.
Answer
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