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Required: Prepare a schedule to reconcile net income to net cash flows from operating activities. Note: Enter your answers In thousands rounded to 1 decimal place (l.e., 5,500 should be entered as 5.5). Cash outflows should be Indicated with a minus sign.

Required: Prepare a schedule to reconcile net income to net cash flows from operating activities. Note: Enter your answers In thousands rounded to 1 decimal place (l.e., 5,500 should be entered as 5.5). Cash outflows should be Indicated with a minus sign.

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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The income statement and the cash flows from operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise Inventory account balance neither Increased nor decreased during the reporting period. Syntric had no liability for Insurance, deferred Income taxes, or Interest at any time during the period. SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Depletion expense Interest expense Gains and losses: Gain on sale of equipment Loss on sale of land $ 276.7 (171.0) 105.7 $ 36.2 17.1 10.0 3.6 10.7 (77.6) 20.0 (6.5) Income before tax Income tax expense Net income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees 41.6 (20.8) $ 20.8 $ 230.0 (160.0) (33.0) Cash paid for interest Cash paid for insurance Cash paid for income tax Net cash flows from operating activities Required: (9.6) (13.5) (10.8) $ 3.1 Prepare a schedule to reconcile net income to net cash flows from operating activities. Note: Enter your answers in thousands rounded to 1 decimal place (l.e., 5,500 should be entered as 5.5). Cash outflows should be Indicated with a minus sign.
Transcribed Image Text:The income statement and the cash flows from operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise Inventory account balance neither Increased nor decreased during the reporting period. Syntric had no liability for Insurance, deferred Income taxes, or Interest at any time during the period. SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Depletion expense Interest expense Gains and losses: Gain on sale of equipment Loss on sale of land $ 276.7 (171.0) 105.7 $ 36.2 17.1 10.0 3.6 10.7 (77.6) 20.0 (6.5) Income before tax Income tax expense Net income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees 41.6 (20.8) $ 20.8 $ 230.0 (160.0) (33.0) Cash paid for interest Cash paid for insurance Cash paid for income tax Net cash flows from operating activities Required: (9.6) (13.5) (10.8) $ 3.1 Prepare a schedule to reconcile net income to net cash flows from operating activities. Note: Enter your answers in thousands rounded to 1 decimal place (l.e., 5,500 should be entered as 5.5). Cash outflows should be Indicated with a minus sign.
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