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Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands): Other
Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands):
Other Data:
The company issued $15,000, 6 percent bonds payable at par during the year.
Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands): $ 20,690 INCOME STATEMENT Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Utilities expense Interest expense on bonds Loss on sale of investments Net loss $ 9,220 3,070 4,150 2,900 1,060 890 450 730 22,470 $ (1,780) SELECTED BALANCE SHEET ACCOUNTS Current Year Merchandise inventory $ 92 Accounts receivable 446 Accounts payable 255 Salaries payable 34 Rent payable 12 Prepaid rent 20 Prepaid insurance 23 Prior Year $ 66 536 219 18 24 23 11 Other Data: The company issued $15,000, 6 percent bonds payable at par during the year. Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (List cash outflows as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from Operating Activities Direct Method (in thousands) Cash flows from operating activities: 2. Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (List cash outflows and losses as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from Operating Activities Indirect Method (in thousands) Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities: Total adjustmentsStep by Step Solution
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