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rtions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in eees) Revenues and gains: Sales Gain on sale of buildings Expenses and loss: Cost of goods sold. Salaries Insurance Depreciation Interest expense Loss on sale of machinery Income before tax Income tax expense Net income December 31, 2018 and 2017 ($ in 00s) $760 10 Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred income tax liability $ 280 116 36 119 46 13 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets 2018 $ 130 320 325 70 $770 206 110 68 610 160 80 $ 80 Year 2017 $ 104 220 421 84 121 97 56 Change $ 26 100 (96) (14) 85 13 12

rtions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in eees) Revenues and gains: Sales Gain on sale of buildings Expenses and loss: Cost of goods sold. Salaries Insurance Depreciation Interest expense Loss on sale of machinery Income before tax Income tax expense Net income December 31, 2018 and 2017 ($ in 00s) $760 10 Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred income tax liability $ 280 116 36 119 46 13 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets 2018 $ 130 320 325 70 $770 206 110 68 610 160 80 $ 80 Year 2017 $ 104 220 421 84 121 97 56 Change $ 26 100 (96) (14) 85 13 12

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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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for insurance Cash paid for interest Cash paid for income taxes Net cash flows from operating activities Required 1 Required 2 Complete this question by entering your answers in the tabs below. Cash Flows from Operating Activities: $ Adjustments for noncash effects. $ Changes in operating assets and liabilities: 660 (124) 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., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) 536 Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method.
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for insurance Cash paid for interest Cash paid for income taxes Net cash flows from operating activities Required 1 Required 2 Complete this question by entering your answers in the tabs below. Cash Flows from Operating Activities: $ Adjustments for noncash effects. $ Changes in operating assets and liabilities: 660 (124) 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., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) 536 Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method.
Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales For the Year Ended December 31, 2018 ($ in 800s) Gain on sale of buildings Expenses and loss: Cost of goods sold PARNELL COMPANY Income Statement Salaries Insurance Depreciation Interest expense Loss on sale of machinery Income before tax Income tax expense Net income Cash Accounts receivable Inventory December 31, 2018 and 2017 ($ in 000s) $ 760 18 Prepaid insurance Accounts payable Salaries payable Deferred income tax liability Bond discount $ 280 116 36 119 46 13 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets 2018 $ 130 $770 320 325 78 206 110 68 182 610 160 80 $80 Year 2017 $ 104 228 421 84 121 97 56 284 Change 26 $ 100 (96) (14) 85 13 12 (22)
Transcribed Image Text:Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales For the Year Ended December 31, 2018 ($ in 800s) Gain on sale of buildings Expenses and loss: Cost of goods sold PARNELL COMPANY Income Statement Salaries Insurance Depreciation Interest expense Loss on sale of machinery Income before tax Income tax expense Net income Cash Accounts receivable Inventory December 31, 2018 and 2017 ($ in 000s) $ 760 18 Prepaid insurance Accounts payable Salaries payable Deferred income tax liability Bond discount $ 280 116 36 119 46 13 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets 2018 $ 130 $770 320 325 78 206 110 68 182 610 160 80 $80 Year 2017 $ 104 228 421 84 121 97 56 284 Change 26 $ 100 (96) (14) 85 13 12 (22)
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