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Home/ Questions/Portions of the financial statements for Parnell Company are provided below.
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lyytutoria
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lyytutoriaExpert
Asked: April 11, 20222022-04-11T19:15:44+00:00 2022-04-11T19:15:44+00:00In: finance

Portions of the financial statements for Parnell Company are provided below.

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Portions of the financial statements for Parnell Company are provided below.  

              PARNELL COMPANY

                  Income Statement

For the Year Ended December 31, 2018

                  ($ in 000s)

Revenues and gains:
Sales $ 790
Gain on sale of buildings 10 $ 800
Expenses and loss:
Cost of goods sold $ 295
Salaries 119
Insurance 39
Depreciation 122
Interest expense 49
Loss on sale of machinery 12 636
Income before tax 164
Income tax expense 82
Net income $ 82

 

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Required:

1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method.

2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method.

REQUIREMENT 1:

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 REQUIREMENT 2:

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♦ Relevant knowledge
Cash flow is an element on the cash flow report that is the amount of cash utilized by or derived from the principal operations of the business over an enumeration period. There are two methods that can be utilized to calculate this number: the direct method as well as the indirect method.

 

 

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    lyytutoria Expert
    2022-04-18T15:49:12+00:00Added an answer on April 18, 2022 at 3:49 pm

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  2. Olivia Taylor
    2022-04-12T00:14:16+00:00Added an answer on April 12, 2022 at 12:14 am

    Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues and gains: Sales $ 790 Gain on sale of buildings 10 $ 800Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues and gains: Sales $ 790 Gain on sale of buildings 10 $ 800

    The direct method produces the following statement of cash flows for Parnell Company. 790 SALES – INCREASE IN ACCOUNT REC.106 cogs – Desrease in inventory and increase in account payable Cash paid to suppliers $102.00
    Parnell Company’s statement of cash flows using the indirect method. Cash Flows From Operating Activities: Net Income $82.00 Adjustments: Gain on Sale of Buildings $122.00 $12.00 Changes in operating assets and liabilities Decreased inventory Increased accounts payable Increased salaries payable Increased deferred income tax liability Increased bond discount -$106.00 $102.00 $19.00 $20.00 $9.00 $13.00
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