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.)
Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income...
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13. Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 000s) Sales $ 2,160 Cost of goods sold 864 Gross margin 1,296 Salaries expense $ 388 Depreciation expense 250 Patent amortization expense 38 Interest expense 96 Loss on sale of cash equivalents 20 792 Income before taxes 504 Income tax expense 252 Net Income $ 252 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative...
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