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Lock & Key Inc. began operations on January 1, 2022. Its post-closing trial balance at December 31, 2022 and 2023, is shown below along
Lock & Key Inc. began operations on January 1, 2022. Its post-closing trial balance at December 31, 2022 and 2023, is shown below along with some other information. Revenues: Sales Lock & Key Inc. Income Statement For Year Ended December 31, 2023 Cost of goods sold) Gross Profit Expenses: Other expenses Depreciation expense Total expenses Loss (000s) $3,330 2,730 600 $ 630 2401 870 $ 270 Account Cash Receivables Lock & Key Inc. Post-Closing Trial Balance. (000s) Merchandise inventory Property, plant and equipment Accumulated depreciation. Accounts payable Accrued liabilities Bonds payable Common shares December 31 2023 2022 $ 2,460 $ 1,290 2,120 1,470 2,070 2,400 3,750 3,990 1,470 1,410 1,470 1,110 240 360 1,940 2,100 3,114 1,680 Accounts payable. Accrued liabilities. Bonds payable Common shares Retained earnings 1,470 240 1,110 360 1,940 2,100 3,114 1,680 2,166 2,490 Other Information regarding Lock & Key Inc. and its activities during 2023: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. Equipment was sold for cash equal to its book value. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2023. (List any deduction in cash and cash outflows and loss as negative amounts. Enter amounts in thousands, not in dollar.) Cash flows from operating activities LOCK & KEY INC. Statement of Cash Flows For Year Ended December 31, 2023 (000s) Adjustments to reconcile profit to net cash inflows from operating activities
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