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the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income $436 270 46 112 24 $2,400 960 1,440 888 552 276 $ 276

the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income $436 270 46 112 24 $2,400 960 1,440 888 552 276 $ 276

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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Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable $436 270 46 112 24 2021 $147 267 468 218 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2020 $2,400 960 1,440 $136 286 486 206 888 552 276 $ 276 Change $ 11 (19) (18) 12 4
Transcribed Image Text:Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable $436 270 46 112 24 2021 $147 267 468 218 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2020 $2,400 960 1,440 $136 286 486 206 888 552 276 $ 276 Change $ 11 (19) (18) 12 4
CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable. 2021 $147 267 468 218 110 66 57 2020 $136 286 456 206 122 56 46 Change $ 11 (19) (18) 12 (12) 10 11 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions 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.)
Transcribed Image Text:CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable. 2021 $147 267 468 218 110 66 57 2020 $136 286 456 206 122 56 46 Change $ 11 (19) (18) 12 (12) 10 11 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions 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.)
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