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pare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the d. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be minus sign.) Flows from Operating Activities: ments for noncash effects:

pare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the d. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be minus sign.) Flows from Operating Activities: ments for noncash effects:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities
Transcribed Image Text: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: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities
Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales For the Year Ended December 31, 2021 ($ in thousands) Gain on sale of building Expenses and loss: Cost of goods sold PARNELL COMPANY Income Statement Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount $ 780 11 December 31, 2021 and 2020 ($ in thousands) $ 290 118 38 121 48 12 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets $ 791 627 164 82 $82 208 106 64 186 Year 2021 2020 $ 132 $ 102 322 218 323 423 68 86 119 95 54 202 Change 30 104 (100) (18) 89 11 10 (16)
Transcribed Image Text:Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales For the Year Ended December 31, 2021 ($ in thousands) Gain on sale of building Expenses and loss: Cost of goods sold PARNELL COMPANY Income Statement Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount $ 780 11 December 31, 2021 and 2020 ($ in thousands) $ 290 118 38 121 48 12 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets $ 791 627 164 82 $82 208 106 64 186 Year 2021 2020 $ 132 $ 102 322 218 323 423 68 86 119 95 54 202 Change 30 104 (100) (18) 89 11 10 (16)
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