Please do not give solution in image format thanku Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the directmethod. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicatedwith a minus sign.)Cash Flows from Operating Activities:Cash received from customersCash paid to suppliersCash paid to employeesCash paid for insuranceCash paid for interestCash paid for income taxesNet cash flows from operating activitiesRequired 1Required 2Complete 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 indirectmethod. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicatedwith a minus sign.)536Required: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 indirectmethod. Portions of the financial statements for Parnell Company are provided below.Revenues and gains:SalesFor the Year Ended December 31, 2018($ in 800s)Gain on sale of buildingsExpenses and loss:Cost of goods soldPARNELL COMPANYIncome StatementSalariesInsuranceDepreciationInterest expenseLoss on sale of machineryIncome before taxIncome tax expenseNet incomeCashAccounts receivableInventoryDecember 31, 2018 and 2017($ in 000s)$ 76018Prepaid insuranceAccounts payableSalaries payableDeferred income tax liabilityBond discount$ 280116361194613PARNELL COMPANYSelected Accounts from Comparative Balance Sheets2018$ 130$770320325782061106818261016080$80Year2017$ 104228421841219756284Change26$100(96)(14)851312(22)

The cash flow statement is prepared to record the cash flow from various activities during the…

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

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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What is the Total noncurrent assets?
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Total noncurrent assets *?
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The comparative statements of Wildhorse Company are presented here.
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i.9
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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…