The income statement and the cash flows from operating activities section of the statement of cash flows are provided below forSyntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntrichad no liability for insurance, deferred income taxes, or interest at any time during the period.SalesCost of goods soldGross marginSalaries expenseInsurance expenseDepreciation expenseDepletion expenseInterest expenseGains and losses:Gain on sale of equipmentLoss on sale of landIncome before taxIncome tax expenseSYNTRIC COMPANYIncome StatementFor the Year Ended December 31, 2024($ in thousands)Net incomeCash Flows from Operating Activities:Cash received from customersCash paid to suppliersCash paid to employeesCash paid for interestCash paid for insuranceCash paid for income taxNet cash flows from operating activities$35.016.99.03.410.4$ 271.7(168.8)102.9(74.7)19.0(6.4)40.8(20.4)$ 20.4$225.0(158.0)(32.0)(9.5)(13.4)(10.6)$1.5 Required:Prepare a schedule to reconcile net income to net cash flows from operating activities.Note: Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Cash outflows should beindicated with a minus sign.RECONCILIATION OF NET INCOME TONET CASH FLOWS FROM OPERATING ACTIVITIESCash flows from operating activities:Adjustments for noncash effects:Changes in operating assets and liabilities:Net cash flows from operating activities$0.0

Cash flow statement is a statement of cash inflow and outflow for a particular period of a company.…

Required: Prepare a schedule to reconcile net income to net cash flows from operating activities. Note: Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Cash outflows shoul indicated with a minus sign. RECONCILIATION OF NET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0.0

Required: Prepare a schedule to reconcile net income to net cash flows from operating activities. Note: Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Cash outflows shoul indicated with a minus sign. RECONCILIATION OF NET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0.0

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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