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Required information [The following information applies to the questions displayed below] Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on sale of building Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year $ 134 324 321 66 210 $ 800 102 60 190 11 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $ 88 Change $ 34 108 (104) (22) 93 9 8 (10)

Required information [The following information applies to the questions displayed below] Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on sale of building Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year $ 134 324 321 66 210 $ 800 102 60 190 11 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $ 88 Change $ 34 108 (104) (22) 93 9 8 (10)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 7C
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Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales For the Year Ended December 31, 2024 ($ in thousands) PARNELL COMPANY Income Statement Gain on sale of building Expenses and loss: Cost of goods sold Salaries. Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income December 31, 2024 and 2023 ($ in thousands) Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets Year $ 134 324 321 66 210 102 60 $ 800 11 190 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $88 Change $ 34 108 (104) (22) 93 9 8 (10)
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales For the Year Ended December 31, 2024 ($ in thousands) PARNELL COMPANY Income Statement Gain on sale of building Expenses and loss: Cost of goods sold Salaries. Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income December 31, 2024 and 2023 ($ in thousands) Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets Year $ 134 324 321 66 210 102 60 $ 800 11 190 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $88 Change $ 34 108 (104) (22) 93 9 8 (10)
Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount Cash Flows from Operating Activities: 2024 Net cash flows from operating activities $ 134 324 321 66 210 102 60 190 2023 $ $ 100 216 425 88 117 93 52 200 Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. 4 Change 0 $34 108 (104) (22) 93 9 8 (10)
Transcribed Image Text:Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount Cash Flows from Operating Activities: 2024 Net cash flows from operating activities $ 134 324 321 66 210 102 60 190 2023 $ $ 100 216 425 88 117 93 52 200 Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. 4 Change 0 $34 108 (104) (22) 93 9 8 (10)
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