Question

Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income...

Portions of the financial statements for Clear Transmissions Company are provided below.

CLEAR TRANSMISSIONS COMPANY
Income Statement
For the Year Ended December 31, 2021 ($ in thousands)
Sales $ 2,280
Cost of goods sold 912
Gross margin 1,368
Salaries expense $ 412
Depreciation expense 260
Amortization expense 42
Interest expense 104
Loss on sale of cash equivalents 22 840
Income before taxes 528
Income tax expense 264
Net Income $ 264
CLEAR TRANSMISSIONS COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2021 and 2020 ($ in 000s)
Year
2021 2020 Change
Cash $ 141 $ 132 $ 9
Accounts receivable 263 280 (17 )
Inventory 466 482 (16 )
Accounts payable 208 198 10
Salaries payable 108 118 (10 )
Interest payable 60 52 8
Income tax payable 51 42 9


Required:
Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the indirect 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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264 CLEAR TRANSMISSION COMPANY Statement of Cash Flows For the Year Ended December 31, 2021 (in Thousand) Cash flows from Ope

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