The following information applies to the questions displayed below. ] Portions of the financial statements for Parnell
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Question:
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
$ 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 $
PARNELL COMPANY
Selected Accounts from Comparative Balance Sheets
December and
$ in thousands
Year Change
Cash $ $ $
Accounts receivable
Inventory
Prepaid insurance
Accounts payable
Salaries payable
Deferred tax liability
Bond discount
Required:
Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method.
Note: Enter your answers in thousands ie should be entered as Amounts to be deducted should be indicated with a minus sign
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