60.1K

Verified Solution

Link Copied!

CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales $ 2,520 Cost of goods sold 1,008 1,512 Gross margin Salaries expense Depreciation expense Amortization expense Interest expense Loss on sale of cash equivalents Income before taxes Income tax expense Net Income Cash Accounts receivable Inventory Accounts payable. Salaries payable Interest payable Income tax payable. $ 460 280 50 120 26 CLEAR TRANSMISSIONS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year 2024 $ 153 271 470 228 112 72 63 2023 $ 140 292 490 214 126 60 50 936 576 288 $ 288 2 Change $ 13 (21) (20) 14 (14) 12 13 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method. Note: Enter your answers in thousands (i.e., 5,000 should be entered as 5). Cash outflows should be indicated with a minus sign Proy 8 of 8 Next

Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method. Note: Enter your answers in thousands (i.e., 5,000 should be entered as 5). Cash outflows should be indicated with a minus sig

Answer & Explanation Solved by verified expert

See Answer