The income statement and the cash flows from the operating activities section of the statement of cash flows areprovided below for Syntric Company. The merchandise inventory account balance neither increased nor decreasedduring the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time duringthe period.SYNTRIC COMPANYIncome StatementFor the Year Ended December 31, 2021($ in thousands)$ 293.3(184.2)109.1SalesCost of goods soldGross marginSalaries expenseInsurance expenseDepreciation expenseDepletion expenseInterest expenseGains and losses:Gain on sale ofequipmentLoss on sale of landIncome before taxIncome tax expense$26.618.39.54.811.9(71.1)15.5(7.1)46.4(23.2)Net income$23.2Cash Flows f rom OperatingActivities:Cash received from$ 248.0customersCash paid to suppliersCash paid to employeesCash paid for interestCash paid for insuranceCash paid for income taxNet cash flows from(172.0)(22.0)(10.2)(14.1)(12.0)$ 17.7operating activitiesRequired:Prepare a schedule to reconcile net income to net cash flows from operating activities. (Enter your answers inthousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Amounts to be deducted should beindicated with a minus sign.) RECONCILIATION OF NET INCOME TONET CASH FLOWS FROM OPERATINGACTIVITIESCash flows from operating activities:Adjustments for noncash effects:Changes in operating assets andliabilities:Net cash flows from operatingactivities

Cash flow from operating activities: This section of cash flow statement provides information about the cash received or cash paid in day-to-day operating activities of a company.Reconciliation of net income to net cash flows from operating activities: Particulars Amount ($) Cash flow from operating activities Net income 23.2 Adjustment for non-cash effects: Depreciation 9.5 Depletion expense 4.8 Gain on sale of equipment (15.5) Loss on sale of land 7.1 Changes in operating assets and liabilities: Increase in accounts receivables ($293.3 - $248) (45.3) Decrease in accounts payable ($184.2 - $172) 12.2 Decrease in salaries payable ($26.6 - $22) 4.6 Decrease in prepaid expenses ($18.3 - $14.1) 4.2 Decrease in interest payable ($11.9 - $10.2) 1.7 Decrease in income taxes payable ($23.2 - $12) 11.2 Net cash flow from operating activities 17.7

Business

Accounting

The income statement and the cash flows from the operating activities section of the s provided below for Syntric Company. The merchandise inventory account balance neit during the reporting period. Syntric had no liability for insurance, deferred income taxe the period. SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) $ 293.3 (184.2) 109.1 Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Depletion expense Interest expense Gains and losses: $26.6 18.3 9.5 4.8 11.9 (71.1)

The income statement and the cash flows from the operating activities section of the s provided below for Syntric Company. The merchandise inventory account balance neit during the reporting period. Syntric had no liability for insurance, deferred income taxe the period. SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) $ 293.3 (184.2) 109.1 Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Depletion expense Interest expense Gains and losses: $26.6 18.3 9.5 4.8 11.9 (71.1)

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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