Help Save & Exit Submit 3 Exercise 21-20 (Algo) Reconciliation of net cash flows from operating activities to net income [LO21-3, 21-4) The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The mercundise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time during the period. 83 eBook $ 304.6 (167.0) 137.6 Hint Print (100.0) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousanda) Sales Cost of goods sold Gross margin Salaries expense $45.2 Insurance expense 19.9 Depreciation expense 15.0 Depletion expense 6.4 Interest expense 13.5 Gains and losses Gain on sale of equipment Loss on sale of land Income before tax Income tax expense Not income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees 1 Cash paid for interest Cash paid for insurance Canh paid for income tax Net cash flows from operating activities 23.5 (2.9) 53.2 focences $26.6 $ 265.0 (153.0) (39.0) (11.0) (14.9) $ 33.5 RECONCILIATION OF NET INOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Depletion expense Gain on sale of equipment Loss on sale of land ook int Int Changes in operating assets and liabilities: Increase in accounts receivable Increase in accounts payable Increase in salaries payable Decrease in prepaid insurance ences Net cash flows from operating activities $ 0.0