Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For...
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Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on sale of building Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income $ 790 10 $ 800 $ 295 119 39 122 49 12 636 164 82 $ 82 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year 2024 2023 Cash Accounts receivable $ 133 $ 101 323 217 Change $ 32 106 Inventory 322 424 (102) Prepaid insurance 67 87 (20) Accounts payable 209 118 91 Salaries payable 104 94 10 Deferred tax liability 62 53 Bond discount 188 201 (13) Cash PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount Year 2024 2023 Change $ 133 $ 101 $ 32 323 217 106 322 4241 (102) 67 87 (20) 209 118 91 104. 94 10 62 53 9 188 201 (13) Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. Note: 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: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for insurance Cash paid for interest Cash paid for income taxes Net cash flows from operating activities $ 0 Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on sale of building Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income $ 790 10 $ 800 $ 295 119 39 122 49 12 636 164 82 $ 82 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year 2024 2023 Cash Accounts receivable $ 133 $ 101 323 217 Change $ 32 106 Inventory 322 424 (102) Prepaid insurance 67 87 (20) Accounts payable 209 118 91 Salaries payable 104 94 10 Deferred tax liability 62 53 Bond discount 188 201 (13) Cash PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount Year 2024 2023 Change $ 133 $ 101 $ 32 323 217 106 322 4241 (102) 67 87 (20) 209 118 91 104. 94 10 62 53 9 188 201 (13) Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. Note: 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: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for insurance Cash paid for interest Cash paid for income taxes Net cash flows from operating activities $ 0
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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