The chief accountant for Julius Co. provides you with the company's most recent income statement and comparative balance sheetsbelow. The accountant has asked for your help in preparing part of the company's 2021 statement of cash flows.2021 Income Statement ($ in thousands)Sales revenue$5,120Depreciation expenseSelling & administrative expenseIncome before taxes3203,7604,0801,840Income tax expense312Net income728Belonce Sheet (all $ in thousends)12/31/2112/31/20754Cash808Accounts receivableProperty, plant & equipmentLess: Accumulated depreciation4583691,470(560)$ 2,8332,100(880)$2,486Accrued liabilities for selling & administration expenseIncome taxes payableCommon stock304333188740134748Retained earnings1,254826$2,486$2,033Required.Determine the cash flow from operating activities for Julius Co., using the direct method. (Enter your answers in thousands ofdollars.)Cash flows from operating activitios

Increase / Decrease in current assets and liabilities have impact on Operating activities of Cash…

The chief accountant for Julius Co. provides you with the company's most recent income statement and comparative balance sheets below. The accountant has asked for your help in preparing part of the company's 2021 statement of cash flows. 2021 Income Statement ($ in thousends) Sales revenue $5,120 Depreciation expense Selling & adninistrative expense Income before taxes 320 3,760 4,080 1,840 312 $ 728 Income tax expense Net income Belance Sheet (allS in thousends) 12/31/21 12/31/20 $ 754 Cash 808 Accounts receivable Property, plant & equipment Less: Accumulated depreciation 458 369 2,100 (880) 1,470 (560) $2,486 $2,333 Accrued liabilities for selling & adninistration expense Incone taxes payable Common stock 304 180 740 333 134 740 Retained earnings 1,254 826 $2,486 $2,033 Required. Determine the cash flow from operating activities for Julius Co., using the direct method. (Enter your answers in thousands of dollars.) Cach flows from oparating activitios

The chief accountant for Julius Co. provides you with the company's most recent income statement and comparative balance sheets below. The accountant has asked for your help in preparing part of the company's 2021 statement of cash flows. 2021 Income Statement ($ in thousends) Sales revenue $5,120 Depreciation expense Selling & adninistrative expense Income before taxes 320 3,760 4,080 1,840 312 $ 728 Income tax expense Net income Belance Sheet (allS in thousends) 12/31/21 12/31/20 $ 754 Cash 808 Accounts receivable Property, plant & equipment Less: Accumulated depreciation 458 369 2,100 (880) 1,470 (560) $2,486 $2,333 Accrued liabilities for selling & adninistration expense Incone taxes payable Common stock 304 180 740 333 134 740 Retained earnings 1,254 826 $2,486 $2,033 Required. Determine the cash flow from operating activities for Julius Co., using the direct method. (Enter your answers in thousands of dollars.) Cach flows from oparating activitios

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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