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Paddleboard Inc. began operations on January 1 , 2 0 1 9 . Its post - closing trial balance at December 3 1 , 2
Paddleboard Inc. began operations on January Its postclosing trial balance at December and is shown below along with some other information.
Paddleboard Inc.
Income Statement
For Year Ended December
s
Revenues:
Sales $
Cost of goods sold
Gross Profit
Expenses:
Other expenses $
Depreciation expense
Total operating expenses
Profit from operations
Income tax expense
Profit $
Paddleboard Inc.
PostClosing Trial Balance
s
December
Account
Cash $ $
Receivables
Merchandise inventory
Property, plant and equipment
Accumulated depreciation
Investments
Accounts payable
Accrued liabilities
Bonds payable
Common shares
Retained earnings
Other information regarding Paddleboard Inc. and its activities during :
Assume all accounts have normal balances.
Cash dividends were declared and paid during the year.
There were no sales of property, plant, and equipment assets during the year.
Investments were sold for cash at their original cost.
Required:
Using the information provided, prepare a statement of cash flows applying the indirect method for the year ended December List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.
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