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 Incone before tax Income tax expense Net Income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount $860 11 December 31, 2024 and 2023 (s in thousands) $ 330 126 46 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets. 129 56 12 2024 $ 146 336 315 60 222 114 72 184 Year $ 871 2023 699 172 86 $ 86 $94 210 437 100 111 87 SA 212 Change $ 52 126 (122) (40) 111 27 14 (28) Required: 2. 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 (.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.

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 Incone before tax Income tax expense Net Income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount $860 11 December 31, 2024 and 2023 (s in thousands) $ 330 126 46 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets. 129 56 12 2024 $ 146 336 315 60 222 114 72 184 Year $ 871 2023 699 172 86 $ 86 $94 210 437 100 111 87 SA 212 Change $ 52 126 (122) (40) 111 27 14 (28) Required: 2. 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 (.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.

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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