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$ 882 PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in...

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Accounting

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$ 882 PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 870 Gain on sale of building 12 Expenses and loss: Cost of goods sold $ 335 Salaries 127 Insurance 47 Depreciation 130 Interest expense 57 Loss on sale of equipment 12 Income before tax Income tax expense Net income 708 174 87 $ 87 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2020 Cash $ 148 $ 93 Accounts receivable 338 209 Inventory 314 439 Prepaid insurance 59 102 Accounts payable 224 110 Salaries payable 116 86 Deferred tax liability 74 59 Bond discount 183 214 Change $ 55 129 (125) (43) 114 30 15 (31) uired: repare the cash flows from operating activities section of the statement of cash flows for ell Company using the indirect method. (Enter your answers in thousands (i.e., 10,000 uld be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0

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