Portions of the financial statements for Parnell Company are provided below PARNELL COMPANY Income Statement...
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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, 2016 (5 in 000s) Revenues and gains: 5710 Gain on sale of buildings 12 $722 and loss Cost of goods sold 114 41 Interest expense Loss on sale of machinery Income before tax Income tax expense Net income 5 79 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2016 and 2015 (5 in 000s) Year 2016 2015 Change $125 $109 418 128 61 516 315 Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred income tax liability Bond discount (12) 120 18 17 185 (24) 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell company using the direct method. (Enter your answers in thousands {i.e., 5.000 should be entered as 5. Amounts to be deducted should be indicated with a minus sign.)
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