The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in...

 

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The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in thousands): Earnings Statement Revenues Cost of goods sold Gross margin Depreciation and amortization expense Selling, general and administrative expenses Operating income Unusual gain on sale of land Net income In addition, the company reported the following data regarding its operating cash flow in its year-end statement of cash flow Statement of Cash Flow (Indirect Method) Operating activities Net income Depreciation and amortization expense Accounts receivable Inventory Accounts payable Gain on sale of land Cash flow from operating activities Current Year $2,430 (1,200) 1,230 (260) (240) 730 70 $800 Operating activities Cash from sales Current Year $800 260 (250) (5) 50 (70) $785 Using the above information for the current year, construct the Burnet Corporation's cash flow from operating activities on a direct metho (in thousands) Current Year Cash for cost of goods sold Cash for selling, general and administrative expenses Cash flow from operations The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in thousands): Earnings Statement Revenues Cost of goods sold Gross margin Depreciation and amortization expense Selling, general and administrative expenses Operating income Unusual gain on sale of land Net income In addition, the company reported the following data regarding its operating cash flow in its year-end statement of cash flow Statement of Cash Flow (Indirect Method) Operating activities Net income Depreciation and amortization expense Accounts receivable Inventory Accounts payable Gain on sale of land Cash flow from operating activities Current Year $2,430 (1,200) 1,230 (260) (240) 730 70 $800 Operating activities Cash from sales Current Year $800 260 (250) (5) 50 (70) $785 Using the above information for the current year, construct the Burnet Corporation's cash flow from operating activities on a direct metho (in thousands) Current Year Cash for cost of goods sold Cash for selling, general and administrative expenses Cash flow from operations

Answer rating: 100% (QA)

To determine the amount reported as total current assets at December 31 2021 we need to consider the ... View the full answer