DO NOT GIVE SOLUTION IN Image Portions of the financial statements for Clear Transmissions Company are provided below.CLEAR TRANSMISSIONS COMPANYIncome StatementFor the Year Ended December 31, 2021 ($ in thousands)SalesCost of goods soldGross marginSalaries expenseDepreciation expenseAmortization expenseInterest expenseLoss on sale of cash equivalentsIncome before taxesIncome tax expenseNet IncomeCashAccounts receivableInventoryAccounts payable$43627046112242021$147267468218CLEAR TRANSMISSIONS COMPANYSelected Accounts from Comparative Balance SheetsDecember 31, 2021 and 2020 ($ in thousands)Year2020$2,4009601,440$136286486206888552276$ 276Change$ 11(19)(18)124 CLEAR TRANSMISSIONS COMPANYSelected Accounts from Comparative Balance SheetsDecember 31, 2021 and 2020 ($ in thousands)YearCashAccounts receivableInventoryAccounts payableSalaries payableInterest payableIncome tax payable.2021$14726746821811066572020$1362864562061225646Change$ 11(19)(18)12(12)1011Required:Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using thedirect method. (Enter your answers in thousands (i.e.. 5,000 should be entered as 5). Amounts to be deducted should be indicatedwith a minus sign.)

The cash flow statement is prepared to record the cash flow from various activities during the…

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

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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