Required Information The Following Information Applies To The Questions Displayed Below Portions Of The Financial Sta 1 (45.35 KiB) Viewed 13 times
Required Information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales Gain on sale of building $830 Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense 664 Loss on sale of equipment Income before tax 166 Income tax expense 83 Net income $83 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year Cash $ Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount $ 828 10 $310 122 42 125 52 13 2021 $ 138 328 319 64 214 106 64 188 2828 98 214 429 92 115. 91 54 284 Change $ 48 114 (110) (28) 99 15 18 (16)
Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. (Enter your answers in thousands (I.e., 10,000 should be entered as 10). Amounts to be deducted should be Indicated with a minus sign.) Cash Flows from Operating Activities: Net income Adjustments for noncash effects: Loss on sale of equipment 13 Changes in operating assets and liabilities: Net cash flows from operating activities S 13
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