Harmon Helmets purchased equipment for $62,000 cash, sold equipment costing $36,000 with a book value of $22,000 at a…

Harmon Helmets purchased equipment for $62,000 cash, sold equipment costing $36,000 with a book value of $22,000 at a loss, and declared dividends during 2013. No new notes payable were issued during the year. Financial data follows:

Dec. 31, 2013
Dec. 31, 2012
Change

2013
Cash
$44,600
$43,000
$1,600

Sales revenue
$850,000
Accounts receivable
31,200
13,800
17,400

Cost of sales
425,000
Inventory
28,000
21,000
7,000

Salaries expense
135,000
Equipment
180,000
154,000
21,000

Depreciation expense
18,000
Accum. depreciation
(46,000)
(42,000)
1,000

Interest expense
3,500
Accounts payable
25,400
36,400
(11,000)

Loss on sale of equipment
3,000
Unearned revenue
16,200
21,200
(5,000)

Income taxes expense
44,000
Accrued salaries
7,000
8,800
(1,800)

Net income
$221,500
Taxes payable
11,600
8,000
3,600

Long-term notes pay.
37,000
55,000
(18,000)

Common stock
90,000
28,000
62,000

Retained earnings
50,600
32,400
18,200

Calculate cash flows from operations using the indirect method for 2013.

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