Portions of the financial statements for Clear Transmissions Company are provided below: CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales $ 1,620 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year 2024 $ 117 230 445 165 85 $ 280 205 20 60 11 40 30 2023 $ 110 247 460 154 96 30 20 648 972 576 396 198 $ 198 Change $7 (17) (15) 11 (11) 10 10 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method. Note: Enter your answers in thousands (i.e., 5,000 should be entered as 5). Cash outflows should be indicated with a minus sig

Portions of the financial statements for Clear Transmissions Company are provided below: CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales $ 1,620 Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year 2024 $ 117 230 445 165 85 $ 280 205 20 60 11 40 30 2023 $ 110 247 460 154 96 30 20 648 972 576 396 198 $ 198 Change $7 (17) (15) 11 (11) 10 10 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method. Note: Enter your answers in thousands (i.e., 5,000 should be entered as 5). Cash outflows should be indicated with a minus sig

Name: Please do not give solution in image format thanku Portions of the fin
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Description: Please do not give solution in image format thanku Portions of the financial statements for Clear Transmissions Company are provided below:CLEAR TRANSMISSIONS COMPANYIncome Statement.For the Year Ended December 31, 2024 ($ in thousands)Sales$ 1,620Co

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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