Please do not give solution in image format thanku Required!2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirectmethod. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicatedwith a minus sign.)Cash Flows from Operating Activities:Adjustments for noncash effects:Changes in operating assets and liabilities:Net cash flows from operating activities Portions of the financial statements for Parnell Company are provided below.Revenues and gains:SalesFor the Year Ended December 31, 2021($ in thousands)Gain on sale of buildingExpenses and loss:Cost of goods soldPARNELL COMPANYIncome StatementSalariesInsuranceDepreciationInterest expenseLoss on sale of equipmentIncome before taxIncome tax expenseNet incomeCashAccounts receivableInventoryPrepaid insuranceAccounts payableSalaries payableDeferred tax liabilityBond discount$ 78011December 31, 2021 and 2020($ in thousands)$ 290118381214812PARNELL COMPANYSelected Accounts from Comparative Balance Sheets$ 79162716482$8220810664186Year20212020$ 132 $ 10232221832342368861199554202Change30104(100)(18)891110(16)

Lets understand the basics.Cashflow statement gets prepared to know cash inflow and cash outflow and…

pare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the d. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be minus sign.) Flows from Operating Activities: ments for noncash effects:

pare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the d. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be minus sign.) Flows from Operating Activities: ments for noncash effects:

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…
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Expenses: b. Calculate the company's net income for 2019. $ $ 0 0 0
Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. For the Revenues and gains: Sales Cost of goods sold Gain on sale of building Expenses and loss: PARNELL COMPANY Income Statement Income tax expense Year Ended December 31, 2021 ($ in thousands) Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Net income $ 820 10 $310 122 42 125 52 13 $ 830 664 166 83 $ 83
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…