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 thousands) Sales revenue $ 5,120 Depreciation expense Selling & administrative expense Income before taxes 320 4,080 1,040 3,760 Income tax expense 312 Net income 728 Balance Sheet (all $ in thousands) 12/31/21 12/31/20 Cash 808 754 Accounts receivable Property, plant & equipment Less: Accumulated depreciation 458 369 2,100 1,470 (880) (568) $ 2,486 $2,033 Accrued liabilities for selling & administration expense Income taxes payable 304 333 188 134 Common stock 740 740 1, 254 $ 2,486 Retained earnings 826 $ 2,033 Required: Determine the cash flow from operating activities for Julius Co., using the direct method. (Enter your answers in thousands of dollars.) Cash flows from operating activities

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 thousands) Sales revenue $ 5,120 Depreciation expense Selling & administrative expense Income before taxes 320 4,080 1,040 3,760 Income tax expense 312 Net income 728 Balance Sheet (all $ in thousands) 12/31/21 12/31/20 Cash 808 754 Accounts receivable Property, plant & equipment Less: Accumulated depreciation 458 369 2,100 1,470 (880) (568) $ 2,486 $2,033 Accrued liabilities for selling & administration expense Income taxes payable 304 333 188 134 Common stock 740 740 1, 254 $ 2,486 Retained earnings 826 $ 2,033 Required: Determine the cash flow from operating activities for Julius Co., using the direct method. (Enter your answers in thousands of dollars.) Cash flows from operating activities

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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Grier & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Grier & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2025 Cash receipts from customers $425,000 Cash payments: Salaries and wages $170,000 Income taxes 65,000 Insurance 40,000 Interest…
he chief accountant for Julius Company provides you with the company's most recent income statement and comparative balance sheets below. The accountant has asked for your help in preparing part of the company's 2024 statement of cash flows. 2024 Income Statement ($ in thousands) Sales revenue $ 5,000 Depreciation expense $ 280 Selling & administrative expense 3,720 4,000 Income before taxes 1,000 Income tax expense 300 Net income $ 700 Balance Sheet (all $ in thousands) 12/31/2024 12/31/2023 Cash $ 800 $ 750 Accounts receivable 450 365 Property, plant & equipment 1,900 1,450 Less: Accumulated depreciation (800) (520) $ 2,350 $ 2,045 Accrued liabilities for selling & administration expense $ 300 $ 325 Income taxes payable 180 130 Common stock 700 700 Retained earnings 1,170 890 $ 2,350 $ 2,045 Required: Determine the cash flow from operating activities for Julius Company, using the direct method. Note: Enter…
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