Required information [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 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 Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year $ 134 324 321 66 210 $ 800 102 60 190 11 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $ 88 Change $ 34 108 (104) (22) 93 9 8 (10)
Required information [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 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 Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year $ 134 324 321 66 210 $ 800 102 60 190 11 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $ 88 Change $ 34 108 (104) (22) 93 9 8 (10)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give solution in image format thanku
![Required information
[The following information applies to the questions displayed below.]
Portions of the financial statements for Parnell Company are provided below.
Revenues and gains:
Sales
For the Year Ended December 31, 2024
($ in thousands)
PARNELL COMPANY
Income Statement
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
December 31, 2024 and 2023
($ in thousands)
Cash
Accounts receivable
Inventory
Prepaid insurance
Accounts payable
Salaries payable
Deferred tax liability
Bond discount
2024
PARNELL COMPANY
Selected Accounts from Comparative
Balance Sheets
Year
$ 134
324
321
66
210
102
60
$ 800
11
190
$ 300
120
40
123
50
12
2023
$ 100
216
425
88
117
93
52
200
$ 811
645
166
78
$88
Change
$ 34
108
(104)
(22)
93
9
8
(10)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faed3de54-433a-4da2-b51c-03cbeee1d515%2F401859bd-e238-407a-8fc0-b10899bc33bd%2Fc5wdfxp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Portions of the financial statements for Parnell Company are provided below.
Revenues and gains:
Sales
For the Year Ended December 31, 2024
($ in thousands)
PARNELL COMPANY
Income Statement
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
December 31, 2024 and 2023
($ in thousands)
Cash
Accounts receivable
Inventory
Prepaid insurance
Accounts payable
Salaries payable
Deferred tax liability
Bond discount
2024
PARNELL COMPANY
Selected Accounts from Comparative
Balance Sheets
Year
$ 134
324
321
66
210
102
60
$ 800
11
190
$ 300
120
40
123
50
12
2023
$ 100
216
425
88
117
93
52
200
$ 811
645
166
78
$88
Change
$ 34
108
(104)
(22)
93
9
8
(10)
Transcribed Image Text:Balance Sheets
December 31, 2024 and 2023
($ in thousands)
Year
Cash
Accounts receivable
Inventory
Prepaid insurance
Accounts payable
Salaries payable
Deferred tax liability
Bond discount
Cash Flows from Operating Activities:
2024
Net cash flows from operating activities
$ 134
324
321
66
210
102
60
190
2023
$
$ 100
216
425
88
117
93
52
200
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.
4
Change
0
$34
108
(104)
(22)
93
9
8
(10)
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