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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

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 27BE
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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 4,880 1,040 312 3,760 Income tax expense Net income 728 Balance Sheet (all $ in thousands) 12/31/21 12/31/20 Cash 808 754 Accounts receivable 458 369 Property, plant & equipment Less: Accumulated depreciation 2,100 1,470 (880) (568) $ 2,033 $ 2,486 304 Accrued liabilities for selling & administration expense Income taxes payable 333 188 134 Common stock 740 740 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.) Cash flows from operating activities
Transcribed Image Text: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 4,880 1,040 312 3,760 Income tax expense Net income 728 Balance Sheet (all $ in thousands) 12/31/21 12/31/20 Cash 808 754 Accounts receivable 458 369 Property, plant & equipment Less: Accumulated depreciation 2,100 1,470 (880) (568) $ 2,033 $ 2,486 304 Accrued liabilities for selling & administration expense Income taxes payable 333 188 134 Common stock 740 740 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.) Cash flows from operating activities
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